Hot stock: Singtel down about 3.3% after announcing S$3.1 billion impairment hit

SHARES of Singtel : Z74 0% fell as much as 3.3 per cent during the morning trading session on Monday (Apr 29) after the telco announced that it expects a S$3.1 billion impairment hit for the second half ended Mar 31.

The counter reached a low of S$2.33 right when the market opened, slipping S$0.08. By 10.12 am, the counter was trading 2.9 per cent or S$0.07 lower at S$2.34. It was the second most traded by volume on the Singapore bourse at the time, with 43.8 million shares changing hands.

Singtel said it expects to recognise around S$3.1 billion in exceptional non-cash impairment provisions, which will result in a net loss and lower net profit for the period.