The Brazilian state-owned oil company Petrobras has lost more than 30 percent of its value since January 1, 2015, according to a study from the consultancy firm Economatica. On Friday, the company was at its lowest market value since September 2004, losing 2 percent during the trading session.
During this session, it dropped from the top of R$100 billion ($25 billion) placing its shares at R$98.3 billion ($24.5 billion), according to the report.
Since the beginning of the year, preference shares of the Brazil’s largest company dropped 31.94 percent and common shares 15.75 percent, both above the fall of the market value of the São Paulo Stock Exchange (10.25 percent).
From January 1, 2011, Petrobras’ shares have dropped 70 percent. On December 31, 2010, the oil company had a market value of R$380 billion ($95 billion at the current exchange rate).
The highest market value of the oil company was recorded on May 22, 2008, when its shares reached a value of R$510.4 billion ($127.6 billion at the current exchange rate) which means that in seven years, it has lost more than R$400 billion ($100 billion) of its market Value.
This drop has been driven by the crisis due to the Lava Jato corruption scandal, which caused losses of 90 percent of profits during the second quarter of the year.