Olympus Plunges After Saying Takeover Fees Used to Hide Losses

Olympus Corp. (7733) fell the most in at least 37 years in Tokyo trading after saying it used fees paid to advisers on the acquisition of Gyrus Group Plc and others to hide losses from investments made in the 1990s.

The Japanese maker of endoscopes and cameras slid by as much as its daily limit of 29 percent, the biggest intraday loss since at least 1974, trading at 734 yen as of 9:51 a.m. on the Tokyo Stock Exchange. The benchmark Nikkei 225 Stock Average slid 0.3 percent.

To contact the editor responsible for this story: Gearoid Reidy at greidy1@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.