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SA's third-largest mobile operator Telkom crashed back to levels last seen during the height of Covid-19 on Wednesday, as investors digested billions of rands worth of writedowns that may have made it a more vulnerable acquisition target.
Telkom warned investors that its shift to its new digital strategy, as well as plans to cut as much as 15% of its workforce, would prompt more than R1 billion in retrenchment-related costs and R13 billion in writedowns of various business units in its year to end-March.
The group's shares crashed 30% at one point, taking them back to levels last seen in late 2020, although they recovered somewhat to trade about 16% lower in late afternoon trade.
