Telekom Malaysia tumbles 12% in early trade on news of lower broadband prices by year-end

Shares of Telekom Malaysia Bhd slumped as much as 12.1% this morning to a low of RM3.19 in anticipation of a drop of at least 25% in broadband prices by year-end.

At the noon break, the stock fell 39 sen or 10.7% to RM3.24 on 39.82 million shares done.

Multimedia and Communications Minister Gobind Singh Deo said yesterday that discussions by relevant parties on the final charges are expected to conclude by August, after which lower priced broadband packages are expected to be offered.