Toshiba Drops 16 Percent on Reported Writedown Losses
- The writedown may exceed 700 billion yen, Kyodo reports
- Toshiba has said it has yet to determine the loss amount
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Toshiba Corp. shares dropped to their lowest since May after a report that the loss in its nuclear business may exceed the 500 billion yen ($4.4 billion) maximum the company had flagged to lenders.
The company asked Development Bank of Japan Inc. for financial support and is seeking help from other lenders, the Nikkei newspaper cited people familiar with the matter as saying. Kyodo news agency reported the loss may reach 700 billion yen. Toshiba, which has put a writedown of its nuclear equipment business in the billions of dollars, fell 16 percent to 242 yen in Tokyo at the close on Thursday. The company said in a statement that it’s still calculating the costs.