The new boss of Telecom Italia set out the virtues of his standalone plan as an alternative to a takeover approach from KKR but shares in the company plunged on Thursday after a record loss and a gloomy forecast for this year.

TIM shares tumbled 16% to around 0.29 euros by 1225 GMT, moving back to levels seen just before KKR made its 0.505 euro per share approach in November. That approach valued TIM at 10.8 billion euros.

The former phone monopoly said late on Wednesday that an assessment by its advisers on KKR’s approach would be finalised shortly and the board would then decide on it. A verdict is expected by mid-March, a source familiar with the matter said.

KKR is already involved in TIM’s network asset after paying 1.8 billion euros last year for a 37.5% stake in its secondary network, known as FiberCop.

Read more: Reuters