Shares of Telstra Group (ASX:TLS) fell by as much as 4.2% to A$4.070, reaching their lowest level since March 16.

This stock’s intraday fall marks its biggest percentage drop since June 14.

Telstra Group, a telecommunications giant, has tabled plans to sale stake in InfraCo for at least the medium term, according to CEO Vicki Brady.

The company announced that the unit plays a significant role in meeting its long-term objectives after InfraCo Fixed reported a 4.1% increase in annual income to A$2.56 billion.

Telstra Group reported a FY profit attributable of A$1.93 billion, compared with A$1.69 billion in the previous corresponding period.

The company anticipates an underlying EBITDA between A$8.2 billion and A$8.4 billion for FY24.

Up till the last closing, the stock had increased by 6.5% during this year.

Telstra Group is an Australian telecommunications company offering a broad range of services including mobile, fixed lines and broadband.