Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.
Toshiba shares crashed 12% after warning of a record loss
Toshiba shares crashed 12% after warning of a record loss
Ben MoshinskyDec 22, 2015, 13:05 IST
A man falls off the "gostra", a pole covered in grease, during the celebrations for the religious feast of St Julian, patron of the town of St Julian's, outside Valletta August 31, 2014. In the traditional "gostra", a game stretching back to the Middle Ages, young men, women and children have to make their way to the top of a pole and try to uproot one of the flags to win prizes. From May to September in Malta, there is hardly any weekend when a town or a village is not celebrating the feast of its patron saint or other saints revered in different churches. REUTERS/Darrin Zammit Lupi
Shares in Toshiba, the Japanese conglomerate, crashed more than 12% after the firm said it expects to make a record 550 billion yen ($4.5 billion) loss.
Advertisement
The company said it would incur huge costs from a programme aimed at streamlining its different business units and slashing more than 10,000 jobs.
Toshiba is recovering from a $1.3 billion accounting scandal and struggling to regain investor confidence.
Shares have collapsed more than 20% in the past two days alone.
Here's how that looks on the chart:
Advertisement
Investing
The CEO insisted the company was making painful, but necessary, decisions.
