Mercoledì, 17 Ottobre 2018
MILAN

Telecom Italia stock plummets on capital increase rumours

English
© ANSA

Milan, July 31 - Stock in the troubled ex-monopoly
Telecom Italia plummeted on Wednesday amid press rumours of a
possible capital increase.
Trading was suspended after Telecom Italia stock fell 4.88%
to 0.51 euro in 30 minutes.
The newspaper Il Messaggero reported that Telecom Executive
Chairman Franco Bernabe' was convening a ''pre-board meeting''
to ''put the hypothesis of a recapitalization on the table''.
Telecom Italia's stock price dipped to 16-year lows in July
as the company back-tracked on plans to spin-off its fixed-line
network.
Standard and Poor's cut Telecom's rating in late May to
just above junk, from BBB to BBB-, citing poor economic
conditions in Italy and competition from mobile telephone
networks, reported Bloomberg news agency.

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