Brazil stocks plunge on political tensions

Sao Paulo : Brazil's stock market plunged by nearly four percent Thursday due to political ructions threatening the government of President Michel Temer.

The Sao Paulo stock exchange's key Ibovespa index closed 3.88 percent lower at 59.506 points.

Lawmakers in the Congress have been trying to push through a bill that critics say would be used to protect them from graft investigations.

Prosecutors said it would undermine the country's biggest corruption probe, dubbed Operation Car Wash.

That investigation centers on a massive graft affair at the heart of state oil company Petrobras.

The prosecutors running the probe raised pressure on Temer Wednesday, threatening to resign if he approves the bill.

Corruption investigations implicating top officials have driven several of Temer's ministers to resign since he took over as president in May.

Temer is not being investigated himself but some suspects have reportedly pointed the finger at him