Rome, July 16 – Shares in troubled Telecom Italia hit a record low on Tuesday after the company announced that it was putting on hold its plans to spin off its fixed line network. In announcing its decision, Telecom Italia said it was influenced by a regulator's proposal to cut tariffs on its competition – a plan that would influence the feasibility of any new spin-off. So no further action will be taken until it hears more from the regulator, said Telecom officials. Franco Bernabe, chairman of Telecom, said that he remained optimistic and confident in the project. Shares in Telecom Italia fell by 3.4% in trading Tuesday, closing at 49 euro cents per share.