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Telecom Italia said Italy’s finance police had carried out searches on Wednesday morning in the office of one of its managers as part of an investigation into alleged corruption between individuals.
The group added it was working with investigators and to determine whether the company had been damaged as a result of the alleged actions.
Milan-listed shares in TIM were down more than 3% by 0830 GMT to lag a slightly negative Italian blue chip index .FTMIB, with traders citing the reported police searches.
Prosecutors in Rome said in a statement they had requested searches of the offices and homes of two people who work for TIM and the Italian subsidiary of Japan’s NTT Data 9613.T, NTT Data Italia, as part of preliminary investigations. Reuters