Deutsche Telekom slips below IPO price

It's a first, even among Europe's troubled telcos...

Shares in Deutsche Telekom have fallen below their IPO price - making it the first of the major European telcos to suffer such a fall from grace. The shares debuted on the market at E14.30 (£8.82) in 1996, but yesterday dipped to E14.13 (£8.71) before recovering slightly to close at E15.66 (£9.66). The price is well down on last year's high of E102.9 (£63.47) and marks the latest milestone in their creeping decline, largely attributable to the markets' concerns over the vast debts in the telecoms sector.