Wal-Mart Shares Tumble: Will Probe Hurt Growth?

Wal-Mart shares [WMT 59.465 -2.985 (-4.78%) ] fell 4.7 percent Monday on concerns that an investigation into allegations of bribery at its Mexican affiliate and how those allegations were handled by top management could be costly to the company and hinder attempts to expand.

Shares of affiliate Wal-Mart de Mexico, Walmex, were down 6.56 pesos at 36.50. The drop has wiped out the year-to-date gains in the stock, which had been up 12 percent through Friday.

The New York Times this weekend reported that the world's largest retailer stymied an internal probe into bribery at its Mexican affiliate, in the middle of the last decade. The allegations if true could be violations of the Foreign Corrupt Practices Act (FCPA), a U.S. law that forbids the payment of bribes to foreign government officials.

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- Posted: 2012-04-23 10:28:19

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