By Marcus Leach

HTC, the smartphone manufacturer, have, following a cut in their growth forecast, seen their shares fall 7%, which is the maximum allowed in a single day.

The Taiwanese company confirmed on Wednesday that they expected revenues for the final three months of 2011 to be little changed from a year earlier.

This is in contrast to earlier forecasts that predicted growth in the region of 20-30%.

HTC, the world's fourth-biggest smartphone brand, blamed increased competition and weakening demand for forecast cut and subsequent drop in share prices.

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