OTE Telecom drags stocks to new depths

Stocks tumbled over 3 percent yesterday, touching a new 52-week low intrasession, as index heavyweight OTE Telecom slumped 8.5 percent after its chief financial officer unexpectedly resigned. OTE fell to a new record low of 8.34 euros with the Athens benchmark index losing 3.34 percent to 1,467.30 points. During trade, it fell as low as 1,462.19 points. OTE shares dropped 4 percent at the open, after the telecoms operator said late on Friday that Chief Financial Officer Dimitris Kouvatsos had resigned. OTE gave no reason for his departure and investors feared more changes could be in the pipeline. Telecom stocks fell 5.25 percent, while banks lost 2.57 percent. Blue chips fell 3.75 percent. Mid-caps dropped 2.75 percent. Small-caps on the bourse’s FTSE/ASE-80 index lost 3.83 percent. Turnover was 72.78 million euros, with 21.7 million shares changing hands. Losers beat winners 295 to 34, with 23 shares unchanged on 352 traded. (Reuters)