Toshiba shares fall 10% on nuclear business loss reports
According to business daily Nikkei report, Toshiba's loss was related to a valuation dispute over Westinghouse Electric's purchase from Chicago Bridge & Iron of a nuclear service company. - Filepic
Shares in Toshiba dived more than 10 percent Tuesday on reports it is likely to record a huge special loss related to a US subsidiary's acquisition of a nuclear power service company.
Toshiba shares traded 10.4 percent lower at 397.10 yen in morning trading, paring an earlier loss of as much as 16.3 percent.
The company is expected to report a roughly 100 billion yen ($850 million) one-time loss for the fiscal year ending March 2017, the leading business daily Nikkei reported, while public broadcaster NHK reported the figure could go up to 500 billion yen.
Nikkei said the loss was related to a valuation dispute over Westinghouse Electric's purchase from Chicago Bridge & Iron of a nuclear service company.
"Currently we are studying a loss of some 100 billion yen... linked to the purchase", Toshiba said in a statement following the reports.
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