Reuters reported that AT&T is currently engaged in discussions to purchase Lumen Technologies' consumer fiber operations at a potential valuation exceeding $5.5 billion. Sources familiar with the matter revealed this to Bloomberg News. Following this news, Lumen's stock experienced a decline of more than 12%.

It is mentioned in the report that the terms of the deal are still under negotiation and subject to potential changes, or the discussions may not progress further. Lumen chose not to provide any comments, and AT&T has yet to respond to Reuters' request for a statement.

(Contact: Harshita Mary Varghese in Bengaluru; Edited by Alan Barona and Vijay Kishore)