News Corp shares slump in Australia

7th July 2011, Comments 0 comments

Shares in Rupert Murdoch's News Corp. slumped more than three percent in early Australian trade on Thursday as the News of the World phone hacking scandal in Britain intensified.

The locally traded stock dropped 55 cents, or 3.20 percent, to Aus$16.62 (US$17.75) by 1130 (0130 GMT).

It followed revelations that the phones of relatives of people killed in the 2005 terrorist attacks on London's transit system may have been targeted.

Murdoch has condemned the claims as "deplorable and unacceptable" with the Australian tycoon saying his company would "fully and proactively cooperate with the police".

British Prime Minister David Cameron has backed calls for a public inquiry into the allegations, but said police should first complete their probe of the "absolutely disgusting" claims.

© 2011 AFP

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