The JSE Telecom index was trading in the negative territory during afternoon trade on Monday.
The index was trading 1.17% lower at 4,375 around 14:49 pm with telecoms firm Blue Label Telecoms down 3.72% at R5.72 a share, making it the top drag.
The share price has been hard hit in the past few months. For more read: Blue Label Telecoms Shaves Off Close To R1 Billion In Market Value and Blue Label Telecoms Shares Are Tanking
The stock was followed by MTN Group, Africa’s largest mobile phone operator, which saw its shares dropped by 1.22% at R69.73 a share, as the share continues to decline after bad news emanated from its biggest market of Nigeria.
Vodacom, the country’s biggest and Telecom’s index largest firm, also was in the red.
The Vodafone-owned company lost 0.82% at R123.22 a share.
The stock has dropped 20% in the past 90 days and 13.7% year-to-date.
While, Huge Telecom was unchanged at R9.40.
The share has sharply rose by 18% in the past 90 days and by23.6 % in the past year.
The company is now valued at more than R1.6 billion.