Telstra Ltd (ASX:TLS) has had 60 million shares change hands in the first 30 minutes of trade today, with the stock savaged 8.8% to $3.95 following its results for FY17.
Investors have dumped the stock, which is a favourite of mums and dads, after the company flagged material cuts to its dividends.
A final dividend of $0.155 was declared taking the total for FY17 to $0.31.
The problem is Telstra expects total dividends for FY18 to be $0.22.
The Net Profit After Tax from continuing operations increased 1.1% to $3.9 billion.
Company Name · Code · Last · Change · Volume
Telstra Corporation Ltd · TLS · $3.930 · -9.24% · 55,156,351
Winmar Resources Ltd · WFE · $0.001 · 0% · 40,131,255
Atlas Iron Ltd · AGO · $0.019 · 5.56% · 33,740,864
Emeco Holdings Ltd · EHL · $0.142 · 0% · 24,013,500
Fastbrick Robotics Ltd · FBR · $0.285 · 7.55% · 17,121,639
Laneway Resources Ltd · LNY · $0.004 · 0% · 15,396,001
88 Energy Ltd · 88E · $0.033 · 13.79% · 12,374,138
AVZ Minerals Ltd · AVZ · $0.140 · 12% · 12,295,083
Lynas Corporation Ltd · LYC · $0.142 · 5.19% · 11,723,202
Argosy Minerals Ltd · AGY · $0.105 · 34.62% · 10,652,302