Home Stock & Shares Telstra shares plunge the lowest as TPG announces new mobile network

Telstra shares plunge the lowest as TPG announces new mobile network

by Jonathan Adams

Telstra shares have plunged nearly 7 per cent to the lowest in nearly five years after rival, TPG Telecom, said it would spent around $1.9 billion (£1.52 billion) on a building a new 4G mobile phone network after winning a government tender.

TPG told the Australian stock exchange that it successfully bid for 700MHz mobile spectrum at a recent auction conducted by the Australian Communications and Media Authority (ACMA).

TPG said it plans to spend $600 million (£480 million) on rolling out a new 4G mobile network over three years, which will reach around 80 per cent of the population.

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