Very good question...
When call rates went down by 60% in Sep'10, the share price went down a whole freaking 30% averaging to 20% down since.
Now Safaricom makes 90% of its revenue on-net and Airtel wants this price to go down another 65%? Market has to respond sooner or later but I approximate another 20% down to below 4/=.
Wolololo yaye
This telecoms is the most competitive sector in Kenya at the moment. Do banks even have it this bad?