Shares in Norway's state-dominated telecoms group Telenor fell 4 per cent on their debut yesterday in a sour global market for the sector.

Telenor shares slid 1.7 Norwegian krona (21 cents) to Nkr40.3 in early afternoon in record turnover for a Norwegian stock. The issue price of Nkr42 was at the bottom of an already downgraded range of Nkr42-Nkr46.

Telenor shares fluctuated between an opening high of Nkr41.3 and a low of Nkr39.5 in record volumes in Norway's largest ever share sale, defying predictions by Norwegian brokers that Telenor would rise after the state cut its stake in the group to 79 per cent.

Cash from the part privatisation is due to repay debts totalling about Nkr52 billion at the end of September.