Takata Falls Most in Three Weeks as Honda Says It Won’t HelpMa Jie
Takata Corp., the maker of air bags that led to millions of vehicle recalls by global carmakers, fell the most in three weeks after Honda Motor Co., its biggest customer, said it wouldn’t provide financial help.
The parts maker dropped 5.4 percent, its biggest decline since Jan. 26, to 1,321 yen as of the close in Tokyo. Japan’s benchmark Topix index gained 0.7 percent.
Honda Chief Executive Officer Takanobu Ito said Feb. 13 the company has no intention to bail out Takata, denying a December Nikkei newspaper report that cited him saying the carmaker would provide financial help if necessary. Takata air bags that can deploy with too much force and spew metal parts at passengers have been linked to six deaths in the U.S. and Malaysia, leading to recalls of more than 20 million vehicles.
The parts maker’s shares lost more than half their value last year amid expectations recall-related costs and compensation might threaten the company’s survival.
Honda, which holds 1.2 percent of Takata shares, rose 1.4 percent to 3,937 yen, the highest in more than a year.