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Takata Shares Plunge as Reported Bankruptcy Looms
Shares in Takata Inc. plummeted more than 50% in early trading on the Tokyo Stock Exchange today over expectations that the airbag maker will file for bankruptcy this week.
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Shares in Takata Inc. plummeted more than 50% in early trading on the Tokyo Stock Exchange today over expectations that the airbag maker will file for bankruptcy this week.
Trading of the company’s stock was halted on the Tokyo stock exchange on Monday, Tuesday or Wednesday after media reports last Friday said the bankruptcy filing was imminent. But after-hours trading drove down the stock price 70% anyway.
A backlog of sell orders caused the company’s stock to sag further in early trading today. By midday shares had dropped to 118 yen ($1.06). Takata was at about 1,000 yen in early January and 484 yen at the end of last week.
The company continues to insist that no decision has been made about a bankruptcy filing.
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