Hungarian Prime Minister Peter Magyar announced Monday that his government will review contracts between the state and IT and telecoms company 4iG that were signed during Viktor Orban’s previous government, Investing.com reports.

Shares of 4iG fell more than 11% in late afternoon trading, heading toward their largest single-day decline since Magyar took office in April.

"The government has ordered a review of all their contracts with the state," Magyar wrote on Facebook. He added that the company had acquired assets of strategic importance under Orban’s government.

4iG operates in the telecoms sector, IT, defense and the space industry.

Magyar said a review is underway of a framework deal worth more than 1.3 trillion forints ($4.2 billion) that was signed between 4iG and the defense ministry weeks before the April elections.