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Oct. 12 (Bloomberg) -- AS Tallinna Vesi, Estonia’s biggest water utility, fell to the lowest level since it started trading in June 2005 after saying the country’s competition regulator may cut its prices by almost a third.
The stock fell as much as 6.8 percent in Tallinn, the steepest decline since June 6, and traded 4.5 percent lower at 6.79 euros at 11:18 a.m. local time. The shares have declined 4.2 percent this year compared with a 21 percent average decline for the company’s Eastern European utilities peers, according to Bloomberg data.
Tallinna Vesi, which supplies the Tallinn area, said regulators may unilaterally impose a 29 percent cut in the pricing mechanism if the company doesn’t apply by Nov. 14 to reduce its prices. Tallinna Vesi will seek a court injunction to block the move because it “completely” disagrees with the watchdog’s position, the company said.
--Editors: Nathaniel Espino, Peter Branton
To contact the reporter on this story: Ott Ummelas in Tallinn at firstname.lastname@example.org
To contact the editor responsible for this story: Balazs Penz at email@example.com