Blue Label Telecoms has shaved off close to R1 billion in six days from its market value as the stock continues to be under pressure.
On Thursday, the stock lost 1.33% to close at R5.93 a share, giving Blue Label Telecoms a R5.6 billion market value. It traded above its 52-weeks low of R582.
On September 6, the stock traded lower at 3.24% at R6.54 a sharing, lowering the company’s market cap to R6.4 billion.
The stock of the JSE-listed telelcoms group has dropped 50.8% in the past 90 days and 66% in one year.
Blue Label own the 45% stake in Cell C through its subsidiary The Prepaid Company. It is the leading distributor of prepaid airtime in South Africa. It has in excess of 150 000 points of sale.