Santander shares slide after Brazil election

** Shares in Spanish lender Santander SAN.MC fall around 5% after Luiz Inacio Lula da Silva won Brazil's presidential election

** "Following the election results, we expect investor focus to shift towards Brazil's fiscal outlook and the risk that the SELIC rate remains higher for longer, delaying the normalization of banks' asset quality," Citi says in a note

** Citi adds that Brazil contributes around 15% of Santander's earnings

** Santander's stock is the worst performer among its peers in Europe .SX7P; if losses hold it will see its worst day since March

** Shares in other Brazil-exposed stocks such as Edenred EDEN.PA, Carrefour CARR.PA, Pluxee PLX.PA, Anheuser-Busch InBev ABI.BR and Heineken HEIO.AS around 0.8% and 3%