MTN Shares Fall Most Since 1998 on $5.2 Billion Nigeria Fine

Updated on
  • Nigerian regulatory levy for failing to disconnect customers
  • Fine is 'totally out of proportion,' money manager comments

MTN shares declined as much as 12 percent, the most since December 2008, and traded 9.4 percent lower at 172.94 rand as of 2:36 p.m. in Johannesburg.

Photographer: Waldo Swiegers/Bloomberg

MTN Group Ltd. plunged the most in nearly 17 years after the Nigerian telecommunications regulator fined Africa’s biggest wireless company $5.2 billion for failing to disconnect customers with unregistered SIM cards.

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