Toshiba Drops on Report of 200 Billion Yen Asset-Sales Plan
ByToshiba Corp. fell to the lowest since 2013 in Tokyo trading after a report it may sell assets worth 200 billion yen ($1.7 billion) amid an internal accounting probe that the company has said will lead to earnings writedowns.
The stock fell as much as 7.3 percent to 365.8 yen, the lowest intraday since January 2013, as of 10:33 a.m. in Tokyo. The shares are down 27 percent this year, compared with a 9.6 percent gain in the Topix stock benchmark.
Toshiba has appointed a third-party committee to expand the investigation of accounting irregularities in infrastructure projects to its visual products, PC and chip businesses. It estimated the profit writedown over the previous five years will be 55 billion yen. The company intentionally delayed booking losses, the Nikkei newspaper reported Thursday…
Toshiba Drops on Report of 200 Billion Yen Asset-Sales Plan
