BT Plunges After Cutting Outlook, Tripling Italy Writedown
- Shares drop the most in three decades on $661 million charge
- Company also says business deteriorates in U.K. on Brexit
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BT Group Plc delivered a one-two blow to investors by disclosing deeper accounting errors at its Italian unit and cutting its outlook as the impact of Brexit works its way through government budgets.
The stock dropped as much as 21 percent, the most since 1986. The U.K. telecommunications company said a probe found more faulty accounting and “inappropriate behavior” in Italy than the company first identified in October, forcing BT to triple the amount of a writedown to 530 million pounds ($661 million).