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EC - Why Ecopetrol Stock Is Plunging on a Strong Day for the Markets
Ecopetrol S.A. American Depositary Shares
Shares of Colombia's state-run oil giant Ecopetrol (NYSE: EC) were plunging today, down 13.1% as of 1:03 p.m. ET, on an otherwise strong day for the markets and the oil sector.
The reason behind the decline wasn't hard to discern: Over the weekend, Colombia held its presidential election, and the winner was Gustavo Petro, the country's first left-wing president in its history.
Petro was once part of a leftist militia group. His running mate is the country's first black and second female vice president, who is also an environmental activist.