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LIMA (Reuters) - Shares of Peruvian company Grana y Montero fell more than 10.3 percent to 1.6 soles per unit on Monday after a local judge ordered two former company directors to jail while prosecutors developed corruption cases against them.

In all the judge ordered four executives to be jailed from three construction companies that had partnered with Brazilian builder Odebrecht [ODBES.UL], which has admitted to paying bribes in the country. The other two unlisted companies are JJC Contratistas Generales and Ingenieros Civiles y Contratistas Generales (ICCGSA).

The four former executives, ordered to jail for eight months, are Jose Alejandro Grana, former Grana board president; Hernando Alejandro Grana, a former Grana director; Fernando Gonzalo Camet, president of JJC; and Jose Fernando Castillo, an ICCGSA manager.

The judge also ordered former Grana director Gonzalo Ferraro Rey, accused as part of the same corruption case and suffering health problems, to be confined in his home.

Grana's shares in Lima have fallen more than 70 percent this year on concerns over the probe.

Peru has aggressively investigated bribery allegations linked to scandal-plagued Odebrecht and former President Ollanta Humala was jailed earlier this year following accusations he took illegal campaign donations from the company.

(Reporting by Marco Aquino; Editing by Steve Orlofsky and Andrew Hay)

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