Brazil's BOVESPA is down 3.4% to 46,252.
Concerns about Brazil's economy have been mounting and stocks also took a hit after Fed chairman Ben Bernanke said the Fed could begin tapering its bond purchase program this year if economic conditions are supportive.
Brazil had recently been rocked by protests on rising costs around the World Cup especially a hike in transit fares. On Wednesday, Rio De Janiero and Sao Paolo said they would lower public transport fares in response to the protests.
Meanwhile, the Brazilian real also fell sharply, and is down 2% against the greenback.
This five-day chart shows the sharp sell-off in trading:
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