HONG KONG, Feb 23 Shares of Hutchison Telecommunications International Ltd. 2332.HK&g

HONG KONG, Feb 23 (Reuters) Shares of Hutchison Telecommunications International Ltd. skidded 8 percent on Friday after the company unveiled a plan to pay a special dividend totalling US$4.1 billion following the sale of its Indian mobile unit.

The company's shares fell to HK$16.22 in late morning trade, halting a five-session winning streak that followed a selloff earlier this month after Hutchison Telecom agreed to unload its controlling stake in No. 4 Indian cellular carrier Hutchison Essar to Vodafone Group Plc for US$11.1 billion.

The dividend unveiled late on Thursday amounts to HK$6.75 per share or US$12.96 for each of the company's American Depositary shares. Ports-to-telecoms conglomerate Hutchison Whampoa Ltd.

, which owns nearly 50 percent of Hutchison Telecom, will receive nearly half the special dividend payout.

Hutchison Whampoa shares had lost by 1.38 percent, while Hutchison Telecom's New York-listed counter dropped 1.32 percent overnight.

Ben Kwong, associate director at KGI Asia, said Hutchison Telecom shares were giving up gains racked up ahead of Thursday's dividend announcement, in part on investor worries over a lack of near-term growth drivers now that the company is selling off its largest and most attractive asset.

Company executives said telecoms assets were currently expensive, and they expected prices to cool over the next year or two.

''The major concern about the company is that it seems that in the short term they're not going to buy assets, because they believe the valuation is going to be on the on high side,'' Kwong said.

(US$1=HK$7.8) REUTERS KR DS116