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Telstra shares drop, investors fed up

Telstra shares have fallen dramatically, with investors punishing the company for the way it handled its bid to build the Government’s $10 billion-plus national broadband network.

Telstra shares fell 7 to points $3.37, their lowest level in 12 years.

Almost $9.5 billion has been wiped from Telstra’s market value since the Government dumped it from the national broadband tender on December 15, leaving competitors Optus, Acacia, Canadian telco Axia Netmedia and TransAct to vie for the bid.

Telstra executives believe the winning bidder will have difficulty gaining funding for the project due to the current economic slowdown.

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