Shares of Rogers Communications Inc. led the Canadian telecommunications sector lower on Friday after the federal government overruled the CTRC and allowed Globalive to enter the wireless market.

Rogers shares fell $1.50, or 4.5%, shortly after the TSX opened.

Canada's largest wireless services provider was among the three incumbent carriers that petitioned to keep Globalive out of the market after Canada's telecom regulator initially ruled that Globalive's corporate structure violated foreign-ownership rules, as Egypt's Orascom Telecom Holding SAE held too much control.

Telus Corp. and BCE Inc. fell more modestly, at 2.1% and 1.3%, respectively.

At those prices, the news wiped out more than $725-million of Rogers' market cap, more than $125-million for Telus and more than $275-million for BCE.