TOKYO -- Shares in Sony Group plunged on Wednesday following Microsoft's planned acquisition of game maker powerhouse Activision Blizzard, with investors fearing that intensifying competition could hamper the Japanese conglomerate's future earnings in the gaming business.
Sony's stock price closed down 12.8% at its lowest level in over three months. The sharp drop comes after Microsoft, Sony's rival in the long-running video game console war, announced it will pump nearly $70 billion into the purchase of Activision, the U.S. game developer behind hit titles like World of Warcraft and Call of Duty.
