Oi slid 4.5 percent to 9.17 reais at the close in Sao Paulo, its biggest drop since May 23. Tim declined 2.8 percent to 9.46 reais, the lowest since Feb. 10. The Bovespa advanced 1.3 percent.
“This is a bad sign for investors as such an extreme measure would only be taken when the situation has really deteriorated,” Karina Sanches, an analyst at Concordia SA, said by phone from Sao Paulo. “The impact of the sanctions will depend on its terms and duration.”
Anatel, the federal telecommunications regulator, has decided to restrict Tim, Oi and Claro, the service controlled by the billionaire Carlos Slim, Folha de S.Paulo said today.
Tim, Oi and Anatel press officials declined to comment. A Claro official didn’t immediately respond to phone and e-mail messages from Bloomberg News seeking comment.
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