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Shares in NZ's Chorus tumble to lowest since June
December 2, 2012 / 9:11 PM / 5 years ago

Shares in NZ's Chorus tumble to lowest since June

WELLINGTON, Dec 3 (Reuters) - Shares in New Zealand telecommunications network operator Chorus slumped their lowest in nearly six months on Monday after the country’s commerce commission announced cuts its copper phone line charges.

Chorus shares fell as much as 12.7 percent to a low of NZ$2.97 ($2.45), their lowest since mid-June, as the Telecommunications Commissioner also proposed significant cuts to broadband network prices, which is likely to bite into Chorus’s revenue stream.

The stock last traded at NZ$3.03. ($1 = 1.2185 New Zealand dollars) (Reporting by Naomi Tajitsu)

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