Sparx Shares Drop in Tokyo After Value of Japan Wind Development Slumps
Sparx dropped 15 percent to 8,520 yen at the 3 p.m. close on the Jasdaq exchange, the stock’s largest decline since May last year. Sparx funds hold a combined stake of more than 10 percent in Japan Wind, according to Bloomberg data.
Japan Wind, the worst performer on the 88-member WilderHill New Energy Global Innovation Index in the last year, sank 40 percent this week after being put under surveillance by the Tokyo Stock Exchange.
It is on a so-called monitoring post for possible delisting and in a June 14 filing said it is likely to miss a June 30 deadline to file an annual securities report because it changed its auditor.
Masahiro Sugino, a spokesman for Tokyo-based Sparx, declined to comment.