Shares of AT&T Inc fell to their lowest level in 3 decades after analysts downgraded the stock following a news report that the telecommunications giant left toxic lead cables buried across the United States.
On July 9, the Wall Street Journal that AT&T and Verizon were among several telecom giants that abandoned a network of underground toxic lead cables.
Analysts at Citigroup and JPMorgan both lowered their recommendations on AT&T shares in recent days.
The shares hit a low of $13.68 in Monday’s session, the lowest since March 1993.
Shares of Verizon were also down on Monday, falling 5.5% to $32.14, a nearly 13-year low.