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Mexico stocks fall sharply on drop in Femsa, Modelo
January 31, 2013 / 8:56 PM / 5 years ago

Mexico stocks fall sharply on drop in Femsa, Modelo

MEXICO CITY, Jan 31 (Reuters) - Mexican stocks fell sharply as bottler Femsa slumped off a record high after Morgan Stanley cut back its recommendation on the stock and brewer Modelo tumbled to a seven-month low.

The benchmark IPC stock index fell 1 percent, heading for its biggest one-day drop since mid-November.

Modelo, the maker of Corona beer, fell 7 percent after the U.S. Justice Department filed a lawsuit seeking to stop Anheuser-Busch Inbev SA from buying the half of Modelo that it does not already own.

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