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Toshiba tumbles 20% on huge loss concern

dpa logodpa 28/12/2016

Toshiba shares dropped 11.6 per cent on Tuesday after reports the firm may book a loss of up to $A6 billion and plunged a further 20.43 per cent on Wednesday.

Shares in Japan's industrial conglomerate Toshiba have plunged 20.43 per cent, a day after the company said it could lose billions of dollars on its nuclear power business in the United States.

Toshiba said on Tuesday that it might have to write off "several billion US dollars" in connection with the purchase of a US nuclear power plant builder that one of its companies, Westinghouse, had bought in 2015.

Toshiba said in the statement that this would have a "negative impact on Toshiba's financial results."

Shares in Toshiba already dropped 11.6 per cent on Tuesday after reports the company may book a loss of up to 500 billion yen ($A6 billion) related to the deal.

On Wednesday, the benchmark Nikkei 225 Stock Average was almost flat, down 0.01 per cent in thin yearend trade, as investors took to the sidelines.

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