BT was formerly owned by the British government, but the company was privatised in 1984. The government sold 50.2% of its total ownership stake to investors in 1984, and the rest between 1991 and 1993.
Following the completion of the privatisation process in December 1993, BT’s share price increased over 320% to trade at its highest price ever of £961 per share on 17 December 1999. However, for the next decade or so, BT’s share price fell steadily, declining 85.6% between 17 December 1999 and 18 December 2009.
From 2009 up to 21 November 2019, BT’s share price gained 35.30%. This was despite its share price experiencing increased downward pressure after the UK voted to leave the EU, which was reflected in BT’s share price falling a little over 50% between June 2016 and November 2019.
This share price drop was not entirely due to Brexit however. Since the middle of 2018, there has been increased pressure on BT to cut costs as its Openreach division prepares to upgrade its copper lines to fibreoptic cables. This project is being undertaken to help to supply the whole of the UK with ultrafast broadband by 2025. This project might lead to more cuts in the future, which could ultimately affect the share price even further.