The NZX 50 index fell nearly 41 points (1.11%) on Friday to close at 3622 points on turnover of $147 million.
Telecom slumped 23.5 cents (8.53%) to $2.52 after its profits came in slightly under market expectations. Telecom has lost a significant number of mobile customers, and a significant part of the 9% lift in full year underlying profit - to $422 million - was reported to be mainly due to cost cutting.
Telecom spin-off Chorus also fell, dropping 6 cents to $3.16, while Contact Energy was down 11 cents to $4.81.
Fletcher Building rose 10 cents to $6.47, and Fisher & Paykel Healthcare lifted 2 cents to $2.04.
Among retailers, The Warehouse rose 13 cents to $2.89, and Hallenstein Glasson rose 2 cents to $4.42.
Cavalier lifted 3 cents to $1.75, and exchange operator NZX was up 1 cent to $1.08.
At the end of the business day, the NZ dollar was trading at 81.31 US cents, 77.94 Australian cents, 51.24 pence, 63.87 yen and 0.6473 euro. The Trade Weighted Index was at 72.90 points.