M1 shares hit by double whammy

Singapore

M1 shares were dealt a double blow on Wednesday, with the stock falling as much as 8.8 per cent to an intraday low of S$1.915 before closing at S$1.935, down 16.5 cents or 7.9 per cent.

The fall followed news that a strategic review by key shareholders of their stakes in the telco had ended without a deal and announcement that M1 had suffered a 20.8 per cent fall in second-quarter earnings.