US Edition‘You’ve Got the Wrong TPG’: ASX Shares Plummet After Embarrassing Stuff-Ups
AUSTRALIA, AUG 6 – ASX error linked TPG Telecom shares to an unrelated $651 million takeover, causing a nearly 5% price drop and $400 million market value loss before reversal.
- On Wednesday, ASX mistakenly linked TPG Telecom's ticker to a $651 million Infomedia takeover announcement, causing trading confusion.
- This error stemmed from inadvertent human error during processing of Infomedia's scheme agreement involving unrelated TPG Capital.
- TPG Telecom shares fell 4.3% at open, traded about 15 minutes before ASX halted trading at 10:15am and cancelled pre-pause trades.
- The mistake wiped over $400 million from TPG Telecom's market value; erroneous announcement stayed visible until a formal correction at 11:31am.
- ASX apologised, resumed TPG trading at 12:27pm with shares finishing 5.1% lower, while regulatory probes into ASX technology issues continue.
14 Articles
14 Articles
Sydney Morning Herald
‘You’ve got the wrong TPG’: ASX shares plummet after embarrassing stuff-ups
The market operator is facing mounting headaches, including furious TPG executives who are considering their options, as well as growing regulatory costs.
Small mistakes can have a big impact on the stock exchange. A letter turner reduced the TPG Telecom share price by four percent. Confusions like these are not uncommon.
On The Money: ASX TPG mix-up & News Corp's colourful AI language
SBS Finance Editor Ricardo Gonçalves speaks with David Walsh from Sarto Advisory Pty Ltd about the day's share market action as it hits another record and to find out more about an ASX mix-up which incorrectly saw it attach a market announcement to TPG Telecom forcing it to cancel millions of dollars worth of trades. Plus, hear from News Corp CEO Robert Thomson as he delivers an AI warning at the company's results announcement.
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