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Toshiba Shares Skid 17 Pct On Accounting Probe; $2.5 Billion Wiped Off Market Value

Ron Burgundy

By Ron Burgundy,
in Tech News

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Ron Burgundy

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Logo of Toshiba Corp is seen as people are reflected on a window at the company's Hydrogen Energy R&D Center after its opening ceremony in TokyoFears over Toshiba Corp's second probe into its own accounting in two years wiped close to $2.5 billion off the Japanese industrial giant's market value on Monday, with analysts saying lingering doubt on the root of the problem will keep investors on edge. Shares in Toshiba tumbled by their daily limit of 17 percent on Monday. Toshiba had warned in April that it may have underreported costs of some infrastructure projects in the 2012/13 fiscal year. "The new development...is worsening uncertainty further," said Fumio Matsumoto, fund manager at Dalton Capital Japan.




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