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Mitsubishi Motors shares sink to new low | Mitsubishi Motors shares sink to new low |
(35 minutes later) | |
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. | 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 | Wall Street drag |
Other Asian markets traded lower on Friday, mirroring how US markets performed overnight. | 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. | 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 edged down 0.38% to 2,940.96. | |
Meanwhile in Hong Kong the Hang Seng index dropped 0.9% to trade at 21,422.99. | |