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Mitsubishi admits to manipulating fuel economy tests, shares tumble

Move said to be done to make emissions levels look more favourable; shares slump more than 15%

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Mitsubishi

Reuters  |  Tokyo 

Mitsubishi Motors said it falsified fuel economy test data to make emissions levels look more favourable, and its shares slumped more than 15%, wiping $1.2 billion from its market value on Wednesday. Tetsuro Aikawa, president of Japan's sixth-largest automaker by market value, bowed in apology at a news conference in Tokyo for what is the biggest scandal at Mitsubishi Motors since a defect cover-up over a decade ago. Shares in the company closed down more than 15% at 733 yen, the stock's biggest one-day drop in almost 12 years. In 2000, Mitsubishi Motors revealed ...

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First Published: Wed, April 20 2016. 15:07 IST
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