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.
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 data by YCharts