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News Corporation Message Board

  • cindyaggas cindyaggas Jul 18, 2011 6:07 AM Flag

    News corp shares tumble in Australian trade

    Shares in Rupert Murdoch's embattled News Corporation plummeted in Australian trade on Monday as the escalating phone hacking scandal continues to harm the global media giant's image.

    The stock ended 4.13%, or 61 cents, lower at Aus$14.16 on heavy volumes, having clawed back from a 7.6% slump that saw it touch a two-year low of Aus$13.65.

    The losses came on the heels of a more than 11% fall last week.

    "It's completely sentiment-driven and people are wondering if it will be forced to sell assets in the wake of the phone hacking scandal," said RBS head of domestic sales and execution Justin Gallagher.

    Shaw Stockbroking senior dealer Jamie Spiteri said the shares likely had further to fall.

    "It could go lower. It's not their commercial management of the situation but their political management of the situation -- that's very hard to value," he said.

11.13-0.73(-6.16%)Jun 24 4:00 PMEDT