Brazil's OGX shares fall to lowest since March '09

SAO PAULO Thu Jun 28, 2012 7:29pm IST

Stocks

   

SAO PAULO (Reuters) - Shares in oil and gas producer OGX Petróleo (OGXP3.SA), the energy company controlled by Brazil's richest man, Eike Batista, fell to their lowest in more than three years after the company cut output forecasts for a key oil well.

OGX fell as much as 8.6 percent on Thursday to 5.71 reais, their lowest since March 2009. The stock had shed 25 percent on Wednesday, despite efforts by Batista to downplay the impact of the revised forecasts on Tubarão Azul, its only productive well so far.

(Reporting by Guillermo Parra-Bernal and Asher Levine; Editing by Gerald E. McCormick)