Investors wiped a fifth off of Toshibas market value on Wednesday as they scrambled to reassess the companys financial stability after its multibillion-dollar writedown warning, and analysts warned there was no end in sight to a runaway cost crisis.
Fund managers in Tokyo and Hong Kong said the nuclear-to-electronics conglomerate once among the proudest names in corporate Japan was fighting for survival with its slack corporate governance and repeated disclosure failures having probably permanently lost it the trust of investors.
As the shares sank 20 per cent under a glut of sell orders, and Japanese agency R&I downgraded Toshibas credit rating from BBB minus to BB, Tokyo traders said the market was trying to price in the poss…
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