TOKYO -- Toshiba's stock started 12% down on Wednesday after the company announced huge losses the day before. The price further declined in morning trade, marking a 10-month low at 199.2 yen, or 13% down from Tuesday and the lowest point since April 2016.
Tuesday's earnings announcement came after the market closed. Toshiba booked a 712.5 billion yen ($6.3 billion) impairment loss on its nuclear business for the October-December quarter, which severely dented its shareholders' equity to negative 191.2 billion yen as of the end of December.
Toshiba's revival plan apparently failed to convince investors. Toshiba has already announced a possible spinoff of its profitable chip business. At Tuesday evening's news conference, however, the company added that it was considering selling a majority stake in that business. In addition, the company did not provide a clear vision of growth for its troubled nuclear business.