Sony Tumbles as $2.1 Billion Loss Limits Turnaround Options

Sony Corp. plunged the most in more than three years in Tokyo trading after the consumer-electronics maker widened its net loss forecast and said it won’t pay an annual dividend for the first time since its 1958 listing.

The shares tumbled as much as 13 percent, the biggest intraday drop since March 2011, after Sony said yesterday it would post a net loss of 230 billion yen ($2.1 billion) this fiscal year because it was writing down the value of its faltering smartphone business.