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Petrobras, Vale ADRs plunge after new Brazil corruption allegations
May 18, 2017 / 12:36 AM / in 5 months

Petrobras, Vale ADRs plunge after new Brazil corruption allegations

NEW YORK (Reuters) - Shares in Brazilian state-controlled oil company Petroleo Brasileiro SA and iron ore miner Vale SA both plunged in U.S. after-hours electronic trading following a report that the country’s president was taped backing the payment of a bribe to thwart a corruption probe.

A person walks past the Petrobras logo in front of the company's headquarters in Sao Paulo April 23, 2015. REUTERS/Paulo Whitaker

Petrobras American Depositary receipts were down 11 percent to $9.15, while Vale ADRs slumped 7 percent to $7.93.

Reporting By Christian Plumb; Editing by Dan Flynn

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