Olympus Shares Drop After Ratings Cut on President’s Ouster
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Olympus Corp., the Japanese camera and medical-equipment maker, fell by a record for a second straight day after at least six brokerages cut their ratings following the dismissal of President Michael C. Woodford.
The shares tumbled as much as 24 percent, the most since at least Sept. 11, 1974 -- according to data compiled by Bloomberg -- to 1,561 yen and traded down 17 percent at 9:28 a.m. in Tokyo. The stock plunged 18 percent on Oct. 14, the day the company announced the ouster of Woodford following disagreements about his management methods.