Toshiba Shares Fall 20% After It Flags One-off Loss
Mohammad Ali (@ChaudhryMAli88) Published December 28, 2016 | 09:40 AM
TOKYO, , (UrduPoint / Pakistan Point News - 28th Dec, 2016 ) - Toshiba shares dived more than 20 percent Wednesday, its second straight double-digit plunge, as the company said it may book a one-time loss of several billion Dollars over its US nuclear business.
Toshiba's stock price dropped by 20.42 percent to 311.60 Yen, the largest fall allowed for a single day, about 30 minutes after the opening bell. On Tuesday, the Tokyo-based conglomerate said in a statement that costs linked to the acquisition last year by its US subsidiary of a nuclear service company will possibly come to "several billion US dollars, resulting in a negative impact on Toshiba's financial results".
The exact figure of the potential write-down is still being worked out, Toshiba President Satoshi Tsunakawa told reporters after the announcement, apologising for "causing concern". The announcement came after Toshiba shares closed nearly 12 percent lower on Tuesday after media reports about the potential loss.
Toshiba said the possible loss was related to the valuation of the purchase by subsidiary Westinghouse Electric of the nuclear construction and services business of Chicago Bridge & Iron.
Related Topics
Recent Stories
Dar for joint action to counter Islamophobia in context of Israeli aggression ag ..
Azam Tarar urges for effective implementation of Action Plan for Human Rights
PAF cadets' graduation ceremony held
One-day national seminar "Great Power Competition: Challenges and Opportunities ..
10 firms submit LoIs for PIA: Aleem Khan
Saudi Arabia launches Nusuk pilgrim card for the Hajj of 2024
High Commissioner Hawkins hosts reception to mark 'Australia Day in Spring'
PM forms inquiry committee to probe matter of wheat import
E-Evidence system inaugurated in Bahawalnagar district courts
Bitterness at UCLA as Gaza protest cleared
Kenya, Tanzania brace for cyclone as heavy rains persist
DC reviews seven-day anti-polio drive in Federal Capital
More Stories From Business
-
10 firms submit LoIs for PIA: Aleem Khan
6 hours ago -
Trained manpower imperative for food security: Dr Sarwar
9 hours ago -
Asian Development Bank (ADB) delegation visits Federal Board of Revenue (FBR)
9 hours ago -
Pakistan's total liquid foreign reserves reach $ 13.316 billion
10 hours ago -
WWF-Pakistan rolls out regenerative agriculture practices initiative
10 hours ago -
Govt to equip agri-sector with modern technology: Rana Tanveer
10 hours ago
-
US trade gap wider than anticipated in March
10 hours ago -
Pakistani entrepreneurs asked for exploring business opportunities in Ethiopia
10 hours ago -
US trade gap wider than anticipated in March
10 hours ago -
Mongolian envoy for joint efforts to improve trade ties
10 hours ago -
Rupee gains 01 pasia against US dollar
11 hours ago -
Ahsan Iqbal expresses Pakistan's eagerness to enter CPEC Phase-II
12 hours ago