Leading the way among losers on the Bovespa Tuesday morning, was Hypermarcas. Hypermarcas is a Brazilian brand that produces and sells a wide range of consumer products, particularly pharmaceutical products. The company's stock dropped more than 5% on Tuesday morning.
The reason for the fall is the deposition given by former executive, Nelson Mello. Mr. Mello claims to have paid bribes to high profile politicians including the head of the Senate, Renan Calheiros.
Mr. Mello's deposition was part of the Lava Jato investigation, which has investigated and imprisoned many of the country's politicians and businessmen.
Hypermarcas denies the accusations.
For more visit Exame (in Portuguese) Hypermarcas Shares Drop More than 5%
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