Royal Mail Plc (LON:RMG) has experienced a sharp fall in share value today, dropping to a value of 463.50p, down 3.36 per cent, as of 13.30 BST.
Downturn in value in spite of overall market increases
The loss today is a significant downturn in value considering the market increases it experienced this week from 461.40p on the 22nd of August. Company value has fluctuated wildly from lows of 454.60 on the 15th of August to 479.60 yesterday.
The market low for this month followed the £50m fine issued by Ofcom due to the breach of competition law, and its attempts to price-out competitor, Whistl, using its dominant market position. Royal Mail intends to appeal this fine, with a spokesperson stating: “No damages claims are payable until the appeals process is exhausted. We are confident that Ofcom's decision will be overturned," as detailed in a press release dated 14th August.
In other areas, the company has been setting future targets, with plans to increase its fleet of electric vehicles, with Paul Gatti, operational fleet director, stating “Our research has shown that electric vans are a good operational fit with our business.” As reported in Edinburgh Evening News. The company also has plans to continue improvements to its parcel tracking service, with changes involving delivery to neighbour enhancements, acceptance scans and electronic notifications.
The company is set to conclude its final dividend payments on Friday 31st.