Mitsubishi Motors shares dive 10% to all-time low after huge loss forecast

Credit: REUTERS/SOE ZEYA TUN

Shares of Japanese automaker Mitsubishi Motors Corp plunged more than 10% to 240 yen, marking an all-time low since their 1988 listing.

TOKYO, July 28 (Reuters) - Shares of Japanese automaker Mitsubishi Motors Corp 7211.T plunged more than 10% to 240 yen, marking an all-time low since their 1988 listing.

A day earlier, Mitsubishi Motors forecast its second straight year of losses because of a plunge in sales due in part to the coronavirus pandemic.

Its projection of an operating loss of 140 billion yen ($1.33 billion) for the year ending on March 31, 2021, would be the biggest in at least 18 years, according to records dating back to 2002.

($1 = 105.2700 yen)

(Reporting by Hideyuki Sano; Writing by Chang-Ran Kim; Editing by Tom Hogue)

((ran.kim@thomsonreuters.com; +81-3-4563-2740))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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