Nidec shares sink after auditor withholds opinion on results
10 Articles
10 Articles
Nidec Shares Plunge After Auditor Withholds Opinion on Earnings
Nidec Corp. shares dropped as much as 20% in Tokyo after the Japanese motor maker’s auditor declined to give an opinion on its long-awaited full-year results, fueling caution over the scandal-hit company.
Major Asian stock markets are rising on Thursday morning, with Japanese engine maker Nidec among the companies to blame, with its shares plunging sharply after the company's auditor refused to issue an audit report.
The leading stock exchanges in Asia are offering rising indices on Thursday morning. At the company level, Japanese engine manufacturer Nidec is in turmoil after the company's auditor refused to issue an opinion.
Nidec, a major motor manufacturer headquartered in Kyoto, which has been embroiled in accounting and quality control scandals, has announced its financial results for the year ending March of this year. The company reported losses totaling approximately 632.1 billion yen, significantly exceeding initial projections, resulting in a net loss of approximately 564.6 billion yen. Nidec has been found to have engaged in irregularities within its group…
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