Shares in T-Online, the internet business of Deutsche Telekom, this morning dropped below the issue price in April of €27 ($23). The shares traded as low as €26.71, compared with a high of €48 in early May.

The fall in T-Online shares raises further serious questions about the European internet sector, and is embarrassing for both Dresdner Kleinwort Benson and Goldman Sachs, which lead managed the T-Online IPO, the world's biggest internet IPO.