Bankruptcy plans plunge Takata shares to lowest since April

Tokyo

TAKATA Corp fell by its daily limit after the embattled airbag maker was said to be planning to file for bankruptcy, paving the way for a sale of the 84-year-old Japanese company behind the biggest safety recall in automotive history.

Shares of Takata declined 17 per cent to the lowest level since April 27 at the end of trading on Monday in Tokyo after going untraded through the regular session as orders to sell outnumbered buyers. The stock has plunged 53 per cent this year. The supplier is expected to seek protection in its home country first, with its US subsidiary filing for Chapter 11 bankruptcy shortly thereafter, a person familiar with the matter said last week.