10 Stocks Hammered Harder than Wall Street

5. Grupo Financiero Galicia SA (NASDAQ:GGAL)

Grupo Financiero dropped its share prices by 5.98 percent on Tuesday to close at $32.21 apiece amid analyst expectations that the inflation rate in Argentina accelerated in September.

According to a poll conducted by Reuters, Argentina’s inflation is forecast to have increased from August, albeit the impact of the recent currency volatility was probably limited.

A higher inflation rate typically triggers interest rate hikes, which could further temper growth for the already struggling Argentine economy.

In other developments, Grupo Financiero Galicia SA (NASDAQ:GGAL) announced the appointment of Diego Hernan Rivas as the new chief executive officer (CEO) of its banking subsidiary, Banco de Galicia y Buenos Aires SA.

The leadership update came at a challenging time for Argentina’s economy amid a higher inflation rate, weak currency, and consumer confidence, among others.

Investors are now closely watching out for how Rivas would help steer the bank’s strategy amid the ongoing crisis.

Banco de Galicia is the Grupo Financiero Galicia SA’s (NASDAQ:GGAL) largest subsidiary, and is currently one of the largest banks operating in Argentina.