Ecopetrol Drops as 2014 Plan Draws Citigroup Sell: Bogota Mover
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Ecopetrol SA fell the most in a month as Citigroup Inc. said an increase in projected investment and a lower-than-expected output target for 2014 raised the risk of a reduced dividend or an equity sale.
Colombia’s state-controlled oil company dropped 3.6 percent to 3,980 pesos at 12:09 p.m. in Bogota, the biggest decline since Nov. 12 on a closing basis. The stock was the worst performer on the Colcap index, which decreased 0.7 percent. Ecopetrol shares traded in New York fell 3.7 percent to $41.14.