Eletropaulo Metropolitana SA, Brazil’s largest electricity distributor, tumbled to a record low after the company was fined 6.9 million reais ($3.5 million) by the Sao Paulo state regulator.
Shares fell 1.8 percent to 11.20 reais at the close in Sao Paulo, the lowest level since the stock started trading in 2006. The Bovespa index dropped 0.7 percent.
Sao Paulo-based Eletropaulo was fined by the state’s regulator, known as Arsesp, over monitoring electricity tension and charge levels, Folha de Sao Paulo reported today. The company said in an e-mailed statement to Bloomberg News that it hadn’t been notified of the fine. Arsesp confirmed the fines in an e-mailed statement.
Eletropaulo has tumbled 70 percent in the past year, while the Bovespa fell 17 percent.
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