Nidec Withdraws Full-Year Forecasts, Cancels Buyback Amid Accounting Probe

Nidec Corp. shares tumbled after it withdrew full-year guidance and canceled its share buyback program as an accounting crisis at the manufacturer of precision motors deepens.

Shares dropped as much as 11% on Friday, before paring losses to about 7%. Nidec had been expected to report earnings on Thursday but instead scrapped plans to repurchase up to ¥35 billion ($230 million) of its own shares.