Toshiba stocks fall

Toshiba shares on Tuesday fell by 9.45 per cent at the Tokyo Stock Exchange after the Japanese tech giant postponed the announcement of its financial results for the April-December period.

"Toshiba's announcement of its earnings for the first nine months and third quarter was scheduled for today (Tuesday). However, the report has not yet become available," the company said.

In December, the Japanese company had warned of a possible multi-million dollar devaluation of its assets linked to the purchase of American construction company CB&I Stone & Webster by Westinghouse Electric, the Japanese group's nuclear power unit in the US, the previous year.

Although the company said the exact size of the write-down will depend on the accounting review, which will be completed in the first quarter of 2017 (April-June), local media has pegged the losses at over 700 billion yen ($6.12 billion).

The incident has led to the resignation of Toshiba Chairman Shigenori Shiga, according to media reports.

The tech giant had announced that it will review operations in the nuclear sector and split its flash memory business to raise third-party funding in order to offset its losses.

--IANS

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