Australia's Vita Group sees worst day in over 3-1/2 yrs on ending agreement with Telstra

Vita

11/02/2021 24:22

** Shares of retailer Vita Group Ltd  VTG.AX  plunge as much
as 31.6% to A$0.770, their biggest intraday pct fall since May
17, 2017
    ** Co says telco major Telstra's  TLS.AX  decision to take
full corporate ownership of its retail store network will mean
the conclusion of its dealer agreement with Telstra on 30 June
2025  urn:newsml:reuters.com:*:nL8N2KG88S
    ** Says it will begin talks with Telstra to ensure
transition arrangements are suitable for both firms 
    ** Stock hits lowest level since April 1, 2020 
    ** About 4.7 mln shares change hands, compared with the
30-day average vol of 160,361 shares 
    ** As of last close, stock up 4.7% this year 

 (Reporting by Shriya Ramakrishnan in Bengaluru)
 ((Shriya.Ramakrishnan@thomsonreuters.com;))