BT shares have fallen nearly 19% as the firm revised down its earnings expectations for Q4, after a review found the accounting scandal in its Italian business would cost more than expected.
Shares in the telecoms giant fell 18.8% to trade at 310.6p by 13.45 GMT, after the firm provided an update on investigations into its Italian operations. BT first announced the investigation into mismanagement of its Italian operations back in the summer after being approached by a whistleblower, and said in October the scandal would cost the firm £145m. However, following an audit by KPMG, the firm has been forced to revise accounting adjustments upwards from £145m to £530m. As a result, BT is now expecting double-digit falls in underlying earnings in the fourth quarter, while r...
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