Business
Why the Vita (ASX:VTG) share price is crashing 31% lower today
The Vita Group Limited (ASX: VTG) share price is crashing lower on Thursday after being dealt a huge blow.
At the time of writing, the retailer’s shares are down 31% to 77 cents.
Why is the Vita share price crashing lower?
Investors have been selling Vita shares this morning following the release of the Telstra Corporation Ltd (ASX: TLS) half year result. You can read more about that here.
In case you’re not aware, Vita operates a total of 104 Telstra retail stores on behalf of the telco giant.
However, this morning Telstra has announced plans to transition to full ownership for all of its branded retail stores across Australia.
This will be a huge blow for Vita. Although it has been trying to diversify in recent years, almost…
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