Brazilian utilities extend drop as gov't pushes to cut rates

SAO PAULO, Sept 12 Wed Sep 12, 2012 7:10pm IST

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SAO PAULO, Sept 12 (Reuters) - Shares of Brazilian electric utilities extended their drop on Wednesday amid a government push to slash energy bills.

An index of electric utilities fell 7 percent in early trading, its biggest drop since the 2008 financial crisis, following a fall of over 3 percent on Tuesday.

Brazil announced a major cut in electricity taxes on Tuesday that will lower energy costs for industries and consumers, the latest attempt by President Dilma Rousseff to re-energize her country's once-booming economy.

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