BSkyB slumped to 694.47 pence shortly after the start of trade from 750 pence at the close on Friday, a drop of 7.4 per cent. It later recovered slightly to 699 pence.
The share price therefore fell below the 700-pence a share offered by Murdoch's News Corp for the 61 per cent of BSkyB it does not own
BSkyB's shares were plunging amid the growing prospect that a British government decision on whether News Corporation should take full control of the broadcaster would be delayed for several months amid the phone hacking furore.
Media baron Murdoch is in London to take personal charge of the scandal that has caused the closure at the weekend of the News of the World tabloid newspaper, owned by News Corp.
Should the government decide to wave through the deal, BSkyB still needs to agree on a price.
The broadcaster, which has a portfolio including live English Premier League football and blockbuster films, is holding out for more than the STG7.8 billion ($A11.7 billion) offered by News Corp last year.
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