Magyar Telekom Drops for Fifth Day on Report of New Tax Plan

Magyar Telekom Nyrt. (MTEL), Hungary’s former phone monopoly, fell for a fifth day after news website Index reported that Hungary is planning to levy a special tax on telecommunications and public-utility companies.

The shares fell 0.9 percent to 565 forint by the close in Budapest. The benchmark BUX stock index fell 0.6 percent.

Hungary is planning the additional tax to help finance the money-losing Budapest public transport company BKV Zrt., Index reported late yesterday, without saying how it obtained the information.

To contact the reporter on this story: Andras Gergely in Budapest at agergely@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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