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Mitsubishi Motors shares sink to new low Mitsubishi Motors shares sink to new low
(35 minutes later)
Shares of Japanese automaker Mitsubishi Motors have tanked by 13.5% in Friday trade. Shares in Japanese automaker Mitsubishi Motors plunged 13.5% in Friday trade to close at 504 yen.
The share price for the carmaker closed out the week at 504 yen apiece. 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.
Shares did not trade during normal hours on Thursday, as there were no buyers to match the overwhelming sellers. Government officials raided a company office and authorities want a full report from the company in weeks.
The Tokyo Stock Exchange told the BBC it had forced a deal at 583 yen per share after the close of the regular trading session on Thursday. The shares are 40% cheaper than before news of the false data emerged.
On Wednesday Mitsubishi Motors admitted falsifying fuel economy data for more than 600,000 vehicles sold in Japan. Government officials subsequently raided an office of Mitsubishi motors, and authorities are demanding a full report from the company by 27 April. Elsewhere on the Asian markets, shares of consumer electronics giant Sony also traded lower and closed down 1.7%.
The continued fall in the share price, since the scandal emerged on Wednesday, has wiped off more than $3.5bn (£2.4bn) from the company's market value over three days. 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.
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 dragWall 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 lower by 0.69% at 5,236.39. In Australia the S&P ASX 200 ended the week down 0.69% at 5,236.39.
China's Shanghai composite edged down by 0.38% - or 11 points - to 2,940.96. China's Shanghai composite edged down 0.38% to 2,940.96.
Meanwhile in Hong Kong the Hang Seng index lost 0.91% to trade at 21,422.99. Meanwhile in Hong Kong the Hang Seng index dropped 0.9% to trade at 21,422.99.
US stocks closed lower overnight after quarterly earnings from tech giants Microsoft and Google parent Alphabet fell short of what analysts were expecting. And a profit warning from Verizon also dented investors' sentiment. The communications firm said an ongoing strike would hurt its earnings.
The Dow Jones fell 113.75 points to 17982.52, the S&P 500 dipped 10.92 points to 2091.48. The tech-heavy Nasdaq edged downward 2.24 points to 4945.89.