Stocks of Brazil's state-run oil and gas giant Petrobras closed at 4.8 reais (1.20 U.S. dollars) per share on Monday, the lowest level registered since 2003.
The disastrous scenario followed revelations of corruption inside Petrobras since 2014, which have eroded public confidence in Brazil's once largest company.
Scandal isn't the only factor, however, since crude oil prices have fallen significantly over recent months, affecting the oil sector as a whole. The unfavorable exchange rate hasn't helped, either. With most of Petrobras' debt in foreign currency, the weaker real has eaten away at the company's finances.
Also on Monday, Mines and Energy Minister Eduardo Braga said the government will soon announce a package of measures to boost growth in the oil sector. "We will be announcing in the near future regulations to reduce production costs and make investment in the industry more attractive," the minister said.
Braga stressed the oil sector has a significant impact on Brazil's gross domestic product, leading the government to prioritize steps to boost growth in the sector. "We cannot watch what is going on and not make a move," he said.
An investigation into embezzlement and kickback schemes at Petrobras forced the company to recalculate its financial results in 2014, revealing a high amount of debt.
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