January 14, 2009 / 4:13 PM / 9 years ago

Nortel shares drop 79 percent on TSX after bankruptcy filing

1 Min Read

TORONTO (Reuters) - Shares of Nortel Networks Corp plunged 79 percent at mid-morning in Toronto on Wednesday after North America's biggest maker of telephone equipment filed for bankruptcy protection.

Shares of the company, which were halted ahead of the market open, fell as much as 30.5 Canadian cents to 8 Canadian cents on the Toronto Stock Exchange, before recovering slightly to 13.5 Canadian cents. The stock was still halted in New York.

Nortel shares were also the most active issue in Toronto with more than 9 million shares changing hands.

($1=$1.22 Canadian)

Reporting by Natalie Armstrong; editing by Jeffrey Hodgson

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