Toshiba Drops After Revealing $6.3 Billion Loss in Nuclear Unit
Could Sale of Toshiba's Chip-Unit Help Equity Balance?
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Toshiba Corp. declined to 10-month lows after reporting that it expects to book a 712.5 billion yen ($6.3 billion) writedown in its nuclear power business, citing cost overruns at a U.S. unit and diminishing prospects for its atomic-energy operations.
The stock fell 9.5 percent in early trading in Tokyo to 205 yen, a level not seen since April. Toshiba is down more than 25 percent this year amid revelations of new accounting challenges. The charge will result in a provisional 500 billion yen loss for the nine months through Dec. 31, the company said in a statement Tuesday.