Digital Garage Inc. (4819) fell the most since August after a Twitter Inc. filing failed to mention the Tokyo-based company as a shareholder.
Investors were expecting that Twitter would disclose Digital Garage as a shareholder, David Gibson, an analyst at Macquarie Securities based in Tokyo said in a telephone interview. Twitter filed an S-1 with the Securities and Exchange Commission Oct. 3 in the U.S. that listed major individual shareholders and institutional shareholders with more than 5 percent stakes.
Previously Gibson said he believed that Digital Garage owned a 2 percent stake or more in Twitter.
Akari Fukuda, a spokeswoman for Digital Garage based in Tokyo said the company holds Twitter shares and declined to identify the size of the stake.
Digital Garage fell 10.4 percent to 2,817 yen at the close in Tokyo, the most since Aug. 8. The shares earlier declined 14.3 percent.
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