As the Eircom shares continued to fall in Dublin, company executives travelled to Stockholm to intensify pressure on the Swedish company Telia to act swiftly in either disposing of or locking-up its 14 per cent stake in the Irish operation. Eircom shares fell another eight cents yesterday to close at €2.70, having touched a low on the day of €2.58. Dealers reported large numbers of sellers with few buyers showing any interest in the friendless stock.

The share performance was not helped by comments from Telia reiterating the timetable set out in its flotation prospectus - that it would sell its stake in the year 2000. Asked about Eircom's assertion that Telia had a legal obligation to sell its 14 per cent holding by the end of August, the spokeswoman declined to comment.

Continuing uncertainty over the future ownership of the 21 per cent stake owned by the Dutch group KPN and Telia's 14 per cent stake has been overhanging the Eircom shares for some months. With the share price continuing to fall, there is the danger that it is coming close to a level at which KPN may be forced to reconsider its decision to sell in a secondary offering.