Mitsubishi Motors shares indicated below record low after cheating on mileage | Reuters

TOKYO Mitsubishi Motors Corp's ( 7211.T ) shares were flooded with sell orders, indicated below their life-time low, on Thursday after the Japanese automaker admitted to manipulating test data to overstate the fuel economy of 625,000 cars. Japan's sixth-biggest automaker said on Wednesday it stopped making and selling its eK mini-wagons for the domestic market after Nissan Motor Co ( 7201.T ), which procures a similar model from Mitsubishi, found a discrepancy in fuel efficiency test data. In early trade in Tokyo, its shares were untraded with about 10 times as many sell orders as bids

Reuters April 21, 2016 06:45:13 IST
Mitsubishi Motors shares indicated below record low after cheating on mileage 
| Reuters

Mitsubishi Motors shares indicated below record low after cheating on mileage 
 Reuters

TOKYO Mitsubishi Motors Corp's (7211.T) shares were flooded with sell orders, indicated below their life-time low, on Thursday after the Japanese automaker admitted to manipulating test data to overstate the fuel economy of 625,000 cars.

Japan's sixth-biggest automaker said on Wednesday it stopped making and selling its eK mini-wagons for the domestic market after Nissan Motor Co (7201.T), which procures a similar model from Mitsubishi, found a discrepancy in fuel efficiency test data.

In early trade in Tokyo, its shares were untraded with about 10 times as many sell orders as bids. They were indicated below the record low of 660 yen set in July 2012.

The news knocked the shares down more than 15 percent a day earlier, wiping $1.2 billion off its market value.

(Reporting by Chang-Ran Kim; Editing by Michael Perry)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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