Americanas shares fell 77.33%, quoted at R$ 2.72 this Thursday (12) after the retailer announced the day before “unprecedented accounting inconsistency”.
Americanas shares went up for auction at the beginning of trading this Thursday, as a way to prevent market fluctuations after the announcement of the billionaire gap.
Americanas announced yesterday that inconsistencies were detected in accounting entries estimated at BRL 20 billion, in a preliminary analysis, with the base date of September 30, 2022.
Americanas shares closed the day before at R$12, up 0.76%. The company’s market value until yesterday was R$ 10 billion, half of the gap announced.
The volume of the gap predicted in the company’s balance sheet is equivalent to the market value of Magazine Luiza, which, on Wednesday (11) was worth R$ 20.20 billion, or Lojas Renner, which was also worth R$ 20.22 billion , according to calculations by Einar Rivero of TradeMap
In light of this, CEO Sergio Rial and Investor Relations Officer André Covre, who took office on January 2 of this year, announced their decision not to remain with the company, with immediate effect.
Rial, former president of Banco Santander in Brazil, had his appointment to the position at Americanas quite celebrated by the market. That announcement alone, at the end of last year, sent the company’s shares up 20% in a single day.
The company made an open conference call this morning, with the participation of investors and analysts with the company’s executives to try to solve doubts.
Even having already announced his departure, Rial participated in the meeting, in which he confirmed that the announced hole is the best estimate made so far, which still depends on an independent assessment. He also said that these financial inconsistencies that appeared are from seven and nine years ago.
Despite still awaiting more details about the company’s breach, banks and brokerages have already placed a recommendation for the shares under review.
Company comes from a bad year
Like other retailers listed on the Stock Exchange, such as Magalu, Americanas did not have its best in 2022, a period marked by the decline of e-commerce companies. Americanas’ assets alone devalued by almost 70% last year.
The company also had management problems during the period, which seemed to be resolved with the arrival of Rial.
*With information from Thais Heredia
Source: CNN Brasil
A journalist with over 7 years of experience in the news industry, currently working at World Stock Market as an author for the Entertainment section and also contributing to the Economics or finance section on a part-time basis. Has a passion for Entertainment and fashion topics, and has put in a lot of research and effort to provide accurate information to readers.
