Chorus shares plunge to new low as Govt isolated on copper-pricing

Thu, 28 Nov 2013

By Paul McBeth Nov. 29 (BusinessDesk) - Shares in Chorus dropped to a new low after the government found itself unable to use legislative approaches to intervene in the price the telecommunications network operator charges for access to its copper lines. The stock fell as low $1.47, recently trading at $1.53 on the NZX this morning, down 14 percent from yesterday. That values Chorus at about $606 million, about $100 million less than yesterday, and almost half the $1.13 billion when it was spun out of Telecom in late 2011. The plunge comes...

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