MTN Plunges Most in Two Years as South Africa Unit Underperforms

MTN Group Ltd.’s shares plunged after revenue at its South African unit fell, prompting the continent’s biggest mobile-phone operator to revamp its management.

The shares fell as much 10% in Johannesburg — the most since March 2023 — before paring some of those losses. Investors were also concerned about the US Department of Justice probing the company’s unit in Iran as well as its former subsidiary in Afghanistan.