Like friedpiggy said - People don't like the company.
And ... sometime in the future governmint have to get rid of their shares, and this is hanging around the share-price neck like a ton of cement.
The investors has to realize (as Telkom MIGHT have done) that they cant try to rack up more and more profit each financial year, they have to level out somewhere and take the balance to do something good. It's a smart move on the part of Telkom is that they are actually doing something to IMPROVE their network.
I love the irony... Cause truth be told most of the shareholders who've decided to sell and run, probably bitch about the rediculous price they having to pay for ADSL as well!!!!
Shareholders are typically fickle. They aren't real investors and they don't care about a company or the people that make it run. They'll just as soon cut your throat if it'll get them some more money.
By pandering to shareholders who only care about the short-term Telkom are cutting their own throat.
Imagine what would happen to Microsoft if there were competing compatible operating systems.