Judicial troubles of Ricardo Roa, Ecopetrol's president, are felt in the company's stock

TL;DR

Ecopetrol's stock fell 1.78% to $2,210 due to uncertainty about corporate governance.
President Ricardo Roa faces indictment for alleged campaign finance violations and influence peddling.
The new Board of Directors is tasked with making technical, not political, decisions for the company's benefit.
Despite past strong performance, Ecopetrol's stock has recently lagged behind Latin American peers.
Concerns exist about future dividends, company cash flow, and replacing depleted reserves.
Ecopetrol's stock has fluctuated significantly since President Gustavo Petro took office in 2022.

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