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Philippines' PLDT shares plunge 19% amid $867m 'budget overrun'

Nation's top telco says it is revamping management following discovery

PLDT has deployed record capex in recent years as it pushes to upgrade its network, including internet fiber and 5G rollouts. (Source image from PLDT Facebook page)

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.

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