Orange shares drop 12%
Orange shares have continued to drop to about 12% below their issue price.
The group, which listed on the London and Paris exchanges yesterday, has seen shares fall around 7%.
It follows a disappointing first day of trading, when shares fell from the 639p starting price to close the day at 603.5p.
Parent company France Telecom also saw its shares hit during trading on the Paris Bourse.
And sentiment was bad across the London market for telecoms stocks, with BT, Vodafone and Colt Telecom all lower.
The falls have been partly influenced by a poor performance overnight on the US exchanges, and a lacklustre opening this afternoon.
The widespread telecom falls put a dampener on the wider market, and the FTSE-100 Index spent today's session in the doldrums.
Commenting on Orange's share fall, Brewin Dolphin analyst John Clarke said: "I think after the reception it had yesterday, and bad TMT (Telecoms, Media and Technology) trading overnight in the US, there was only one way for the price to go."
