Mobile phone giant Vodafone was among the top fallers in a slide across the telecoms sector today, after Morgan Stanley warned that European regulators are gearing up to enforce reduced charges for calls between landlines and mobile phones.

Analysts said that with more than 60pc of the European mobile market, Vodafone was heavily exposed to the threat of price regulation - which could see operators lose 70pc of the revenue generated by fixed-to-mobile phone calls.

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