Petrobras shares fell more than four percent Thursday, declining sharply for a second day after the company released third-quarter results without accounting for a major corruption scandal.
Preferred shares of the state oil giant dropped 4.32 percent to 8.64 reais at about 1300 GMT, while ordinary shares lost 5.68 percent at 8.14 reais.
It followed a 10 percent drop on Wednesday, after the company released long delayed and incomplete third quarter 2014 results that do no reflect the impact on assets of a massive kickback scandal.
The scandal, which broke in March, involves kickbacks by contractors and payoffs to politicians estimated at as much as $4 billion over the past 10 years.
"It shows the company is more disorganized than we thought. So there is no way to know the real dimensions of the problem," Andre Ferreira, an analyst with the Futura brokerage house, told AFP.
Petrobras said third quarter earnings fell nine percent year-over-year without taking into account the scandal's impact.
The third quarter results were supposed to have been released in November, but were twice delayed.