From WWE.com:

At a WWE Live Event in at São Paulo, Brazil, on Thursday evening, Chris Jericho reportedly denigrated the Brazilian flag during a match against WWE Champion CM Punk. Suspended indefinitely, Jericho responded to the incident in his own words.

“I made a bad judgment call in the course of entertaining [WWE] fans in Brazil,” Jericho told WWE.com. “I apologized to the people in the crowd for showing disrespect.”

“It was a bad move,” Jericho said. “I did it with [our] fans’ entertainment in mind and I’ll accept the consequences for that.”

Due to his actions, WWE officials suspended Jericho indefinitely.