Petrobras shares fall eight percent on truck strike concessions

SAO PAULO: Shares in Brazil’s state-controlled oil company Petrobras dropped eight percent Monday following a government decision to meet a demand by striking truckers for lower diesel prices.

The sharp fall, soon after trading opened on the Sao Paulo exchange, followed a 14 percent loss Thursday. The Ibovespa index in Sao Paulo was down 2.37 percent early Monday.