Cosan SA's stock fell 5.69% during intraday trading on Friday, extending losses after a pre-market decline.

The sharp drop comes after the Brazilian conglomerate reported disappointing first-quarter earnings results that significantly missed analyst expectations. Cosan SA reported an adjusted loss of R$1.60 per share for the quarter ended March 31, far worse than the R$0.01 per share profit analysts had forecast.

Revenue also declined 6.6% year-over-year to R$9.03 billion, missing the R$40.66 billion consensus estimate by a substantial margin. Analyst sentiment had been deteriorating before the earnings release, with mean earnings estimates falling approximately 97.2% over the past three months.