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LISBON, Portugal – Portugal Telecom shares are being battered amid fresh concerns over the company’s future.
Following an initial 12 percent decline, the company’s share price was down 3.2 percent, to 0.69 euros, at lunchtime Tuesday. The fall came a day after the postponement of a shareholder decision on whether to sell the troubled company to France’s Altice for 7.4 billion euros.
Trading in PT shares had been suspended since Friday, because the Lisbon stock exchange said the company had failed to disclose key information.
Portugal Telecom SGPS SA’s share price has lost more than 80 percent of its value over the past 12 months, much of it since PT loaned 900 million euros to an unrelated company that went bankrupt.
Authorities launched a fraud investigation after the loan was disclosed.