Drop in NewsCorp share prices

News Corporation share prices have dropped to a two year low of A$13.65, the BBC reports.

This comes after the investigation into the phone hacking scandal becomes more widespread. It is believed that the recent events have caused 19% of its value to evaporate completely.

News Corporation is the owner of News International, who run The Sun, The Ties and The Sunday Times, but were forced to shut down the News of the World earlier this month as a result of phone hacking.

This share price drop comes after a number of high profile arrests, and questions over whether a management shakeup is needed at the company.

According to Stephen Mayne, this massive fall over the weekend as well as shareholder pressure is showing all the signs of a “gathering storm”.

However, a member of the News Corp board was quick to deny any such conversations were taking place.

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