(Bloomberg) Toshiba Corp. lost $2.8 billion in market value after the industrial and electronics group withdrew its earnings forecast pending an internal probe into improper accounting on infrastructure projects.
The shares fell 17 percent, the biggest drop since March 2011, to 403.3 yen in Tokyo. The company announced it was extending an accounting probe and withdrawing its earnings forecast for last fiscal year on May 8, after trading had closed. A gauge of Toshiba’s perceived creditworthiness deteriorated by the most in four years.
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