TPG Telecom (ASX:TPG) shares experienced a volatile trading day, falling 2.7 per cent by 12.37pm AEST after trading resumed following an error by the Australian Securities Exchange (ASX). The ASX had incorrectly tagged TPG Telecom in relation to Infomedia’s $651 million takeover deal with private equity firm TPG Capital, leading to market confusion. TPG Telecom is a telecommunications company providing mobile and fixed broadband services to consumers and businesses.
The ASX subsequently cancelled all trades made on TPG Telecom before it entered a trading halt at 10.15am AEST. The market operator’s mix-up resulted in approximately $437 million being wiped off TPG Telecom’s market capitalisation. The telco’s share price had initially fallen 4.3 per cent to $5.27 before the trading halt was implemented. The company provides telecommunications services, including internet and mobile, to millions of Australians.
Trading in TPG Telecom shares recommenced at $5.50 just after 12.30pm AEST, as the market digested the earlier confusion. Investors are closely monitoring the situation as the company navigates the aftermath of the ASX’s error.
