Toshiba sinks to six-year low after it flags record 550b yen loss

Tokyo

TOSHIBA Corp fell to the lowest in more than six years in Tokyo after forecasting a record 550 billion yen (S$6.4 billion) loss and announcing plans to cut more jobs as it restructures businesses.

The shares fell as much as 11 per cent to 225.8 yen, dropping to their lowest since March 2009 on an intraday basis. That slump followed a decline of 9.8 per cent on Monday.

Toshiba has been dogged by an accounting scandal, prompting the company to consider third-party alliances for some units and a restructure of the business that makes televisions and personal computers. President Masashi Muromachi is considering options such a…