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Shares plummet in JBS meatpackers amid Brazil corruption scandal

AFP
People work at a production line of the JBS-Friboi chicken processing plant in Lapa, Parana State, Brazil on March 21, 2017

Shares in JBS, the world's biggest meatpacking company, plummeted nearly 20 percent Monday in Sao Paulo amid a corruption scandal involving executives and Brazilian President Michel Temer.

Prices fell 19.98 percent at around 1534 GMT. The Sao Paulo Ibovespa index was down 2.41 percent.

Temer is fighting for his political life after revelations that he met with JBS executive Joesley Batista and allegedly discussed paying hush money to a politician jailed for corruption.

Temer says he is innocent and accuses Batista of having profited from the subsequent dive in the value of JBS and fall in value of the Brazilian currency.