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Takata Shares Plunge to 31 Cents
Shares in Takata Corp. sagged as low as 35 yen (31 cents) in morning trading on the Tokyo Stock Exchange today, two days after the company filed for bankruptcy protection in the U.S. and Japan.
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Shares in Takata Corp. sagged as low as 35 yen (31 cents) in morning trading on the Tokyo Stock Exchange today, two days after the company filed for bankruptcy protection in the U.S. and Japan.
Takata shares were at about 1,000 yen ($8.94) in early January. They had dropped to 487 yen by June 1 and began a sharper decline after trading was suspended last week amid reports of the impending filing. The shares are to be de-listed on July 27.
The bankruptcy is the largest by a Japanese manufacturer since World War II, according to Bloomberg News. The cause of its collapse—recalls by 19 carmakers of 120 million Takata airbag inflators that can misfire in a crash and blast metal shards into the passenger compartment—has been described as the auto industry’s largest callback ever.
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