The Caracas Stock Exchange suspended Monday the stocks of major telecommunications company Cantv, as they slumped almost 20 percent following a government takeover bid.

Cantv shares sank by 18.09 percent to USD 3.01 at 10:30 a.m. when the dealing stopped. According to brokers, the setback was due to losing interest in trading, Reuters reported.

The corporate stocks are usually turned into American Depositary Shares (ADS) to get foreign currency outside an exchange control effective in Venezuela since 2003.

"Conversions are not been made due to the operational risk of ending (the takeover bid) with all of these shares unconverted, with the need to adjust the local share to the government purchase price," a broker said.

The government is to offer USD 2.12 per local share of USD 14.85 per ADS, the equivalent of seven ordinary shares, in the operation ending May 8th.

"As the end of the takeover bid is closer, shares will be edging the government offer," said another broker.

The drop of Cantv shares dragged the Caracas Stock Exchange, which lowered by 5.36 percent near midday.