Shares of Petroleo Brasileiro SA Petrobras (PBR) experienced a sharp decline in Friday's trading session, plummeting 9.74% as investors reacted to a surge in bearish options activity. The Brazilian oil giant's stock came under significant pressure, reflecting growing pessimism among traders.

Options market data revealed an unusually high volume of put options trading for Petrobras. According to market observers, 28,460 puts were traded, which is approximately 12 times the expected volume. This substantial increase in bearish bets suggests that many investors are positioning themselves for potential further downside in PBR's stock price.

The most active options were the April-25 12 puts and the April 11 weekly 12.5 puts, indicating that traders are targeting price levels below the current trading price. This concentrated bearish activity in the options market appears to be a key factor contributing to the stock's significant decline. Investors and analysts will be closely monitoring Petrobras in the coming days to see if this downward pressure persists or if the stock finds support at these lower levels.