NEW YORK (TheStreet) -- Shares of Itau Unibanco (ITUB) - Get Report recovered 6.53% to $13.70 in afternoon trading Tuesday after the stock plummeted Monday following Brazilian President Dilma Rousseff's re-election on Sunday.
The incumbent narrowly won the runoff election against challenger Aecio Neves. Rousseff earned 51.59% of the vote, while Neves amassed 48.41%.
The news sent Brazilian stocks down on Monday as the real dropped to a nine-year low. Brazilian bank Itau Unibanco was one of numerous stocks to drop Monday in the wake of Rousseff's re-election.
Investors had typically supported the conservative Neves in the election and opposed Rousseff's handling of state-run companies.