MTN shares fall after Patel quits

"Patel explained that he does not wish his employment with the company to prejudice it in respect of certain allegations made against him‚ which are subject to an ongoing investigation by the company‚" MTN said in a statement on release on Monday (22 July).

Aeon Investment Management chief investment officer Asief Mohamed said the market was over-reacting. "The resignation of an individual will mostly likely not have significant impact on the group's financial results‚" he said.

Meanwhile‚ Brett Goschen has been appointed as group chief financial officer and executive financial director on the board with immediate effect.

Goschen has held a number of positions within the group‚ including being chief executive of MTN Nigeria.