Shares in telecom equipment maker Marconi fell 57 per cent today after the group said its markets have worsened and that uncertainty will drag beyond March 2003.
Shares in Marconi fell 10-1/4p to 7-3/4p in early trade in London today. Today's fall values the group at about £175 million sterling, compared with its peak in September 2000 of more than £30 billion.
The firm, which has cut thousands of jobs to reduce costs, said today unfavourable market conditions meant it was unable to enter into a new proposed banking facility and would develop a revised business plan in the next few weeks.
Marconi has been negotiating with its lender banks for months over its funding needs.
"In the light of the group's revised view of the extended market downturn, it no longer believes that the refinancing proposal provides the group with an appropriate capital structure," the group said.
