Why Itau Unibanco (ITUB) Stock Is Down Today

NEW YORK (TheStreet) -- Shares of Brazilian bank Itau Unibanco  (ITUB) plunged 8.43% to $14.23 in afternoon trading Monday after Brazil's real dropped to a five-year low ahead of the nation's presidential election on October 5.

The currency declined 2.1% to 2.4713 per U.S. dollar Monday morning in Sao Paolo, the worst performance of 31 major currencies, according to Bloomberg. The real has fallen 11% in the third quarter, the largest drop since September 2011.

The latest polls show incumbent Dilma Rousseff is widening her lead over pro-business candidate Marina Silva. The real fell amid concerns a Rousseff victory would cause Brazil to struggle to come out of its recession.

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More than 17.9 million shares had changed hands as of 3:52 p.m., compared to the average volume of 9,748,960.

ITUB Chart ITUB data by YCharts

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