Chorus shares plumb new lows CHORUS shares have plumbed a new low in early trading as investors air their disappointment over the New Zealand government's response to regulated price cuts of the network operator's copper network. The stock fell as much as 12 per cent to $NZ1.85 ($A1.65) on Friday morning after Communications Minister Amy Adams on Thursday announced plans for an independent appraisal of Chorus's books. Since the Commerce Commission decision on Tuesday, the share price has plunged 26 per cent, wiping $NZ273.5 million ($A243.58 million) from Chorus's market capitalisation. "Investors are pretty disappointed with the response from government," said Grant Williamson, a director at Hamilton Hindin Greene in Christchurch. Until there's some clarity, I'm not expecting any major improvement in share price. There's a fair number of sellers wanting to exit, because most investors in Chorus were expecting very good dividend returns from the stock. LIVE: Australian PGA Day 2 AUSTRALIA'S Adam Scott is very much in the mix at the Australian PGA Championships at Royal Pines. Follow all the action here. The government is considering how to respond to Telecommunications Commissioner Stephen Gale's planned 23 per cent price cut to the Chorus's regulated copper lines, which the network company says will force an overhaul of its capital structure, and may threaten to derail the taxpayer-subsidised build of national fibre cable infrastructure. Chorus chief executive Mark Ratcliffe told Ms Adams the company will work with government officials and an outside consultant "to resolve the unsatisfactory situation." Complicating matters further, telecommunications company CallPlus on Thursday filed proceedings in the High Court in Wellington seeking a judicial review and declaratory judgment that the government's review of the Telecommunications Act 2001 doesn't actually comply with the law. Ms Adams ordered the review as part of the government's response to the Commerce Commission's draft price cuts in December last year and has said the government was concerned that the economics of the fibre network Chorus is building could be undermined if the cuts were too steep. In delivering his final decision this week, Dr Gale ceded some ground so as to not underestimate the regulated price, which could deter investment in fibre. Still, he said his view on pricing was based on the commission's interpretation of the law as it currently stands, which set an initial price using international comparisons.