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Johannesburg - Telkom fell more than 2% to R27.61 after the Competition Commission asked that the fixed-line operator be fined R3.5bn for an excessive pricing complaint stretching back to 2004.
The Competition Tribunal, which adjudicates on such complaints, is currently hearing arguments from both Telkom and the Competition Commission.
According to documents filed with the tribunal, the commission wants Telkom punished for what it deems excessive pricing and other non-competitive behaviour.
Telkom said the fine would be “catastrophic” and could jeopardise its business. The hearing is due to end on Wednesday, with a decision expected in the next few months.