The story in two charts (Telecom on the ASX left, and on the NZSX, right; click to enlarge). As Bernard says in comments below, "It usually takes the Government a week to waste a billion dollars. This act of vandalism against Telecom has destroyed a billion dollars of value in just a few minutes."
Ruth asks, "I wonder who is buying TEL though? Wouldn't be the Cullen Fund, would it?" Good question. Something's keeping the price 'up.'
LINKS: Basic 5-day chart for TEL.NZ - Yahoo Finance
Basic 5-day chart for TEL.AX - Yahoo Finance
$1.1 billion wiped off Telecom's value as shares plunge - NZ Herald (10:45am)
TAGS: New_Zealand, Economics, Politics-NZ, Property_Rights