MANILA -- Shares in the Philippines' largest telecommunications company, PLDT, plunged nearly 20% on Monday after it revealed a massive "budget overrun" late last week and said it was revamping its management in the wake of the discovery.
Shares in PLDT plummeted 19.35%, wiping the equivalent of around $1.12 billion from its market value, after it told the Philippine Stock Exchange on Friday that it was investigating a 48 billion peso ($867 million) "overrun" in its budget. That amount represents 12.7% of a 379 billion peso, four-year capital expenditure program to modernize the company's network.
