OGX Shares Slide As It Drops License Bids, Petronas Holds Up Deal

RIO DE JANEIRO/KUALA LUMPUR: Shares of OGX Petróleo e Gas Participações SA slid 14.8 percent on Tuesday as the troubled oil producer abandoned its plan to purchase several oil exploration licenses and its venture with the Malaysian state oil company appeared to be in serious trouble.

OGX shares tumbled their most in six weeks, closing at 0.69 reais. Shares of the oil company, controlled by embattled tycoon Eike Batista, are the biggest decliners in Brazil's Bovespa benchmark index this year, down 84 percent.