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Mitsubishi Motors shares sink to new low

BBC News BBC News 22/04/2016
Tyre © AFP Tyre

Shares in Japanese automaker Mitsubishi Motors plunged 13.5% in Friday trade to close at 504 yen.

It was the third day of hefty falls, sparked by news on Wednesday that the company admitted falsifying fuel economy data for more than 600,000 vehicles sold in Japan.

Government officials raided a company office and authorities want a full report from the company in weeks.

The shares are 40% cheaper than before news of the false data emerged.

Elsewhere on the Asian markets, shares of consumer electronics giant Sony also traded lower and closed down 1.7%.

The company trimmed nearly 10% off its previous profit estimate for the full year to March 2016, due to a one-off charge. Sony is scheduled to report its financial results next week.

On the broader Japanese market, the benchmark Nikkei 225 index reversed earlier losses and ended the Friday session higher by 1.2% - or 208.87 points - at 17,572.49.

Wall Street drag

Other Asian markets traded lower on Friday, mirroring how US markets performed overnight.

South Korea's Kospi closed down 0.33% at 2,015.49.

In Australia the S&P ASX 200 ended the week down 0.69% at 5,236.39.

China's Shanghai composite ended up 0.2% to 2,959.24.

Meanwhile in Hong Kong the Hang Seng index dropped 0.7% to trade at 21,467.

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