Shares in Japan’s TEPCO dived 28 percent Monday to a record low after a media report said that the operator of a tsunami-hit nuclear power plant would log a $7 billion loss in fiscal 2011.
The shares briefly fell to an all-time low of 206 yen, down 80 yen or 28.0 percent from Friday, suffering the maximum loss allowed for one trading day. They then slightly recovered to 210 yen, down 76 yen or 26.57 percent.
The Kyodo News agency reported at the weekend that Tokyo Electric Power Co. was expected to post a net loss of 570 billion yen ($7 billion), excluding results for other group companies, for the business year to March 2012.
The reported loss excludes compensation to the tens of thousands of people affected by the ongoing crisis at its crippled Fukushima Daiichi nuclear power plant, Kyodo said, citing an internal document of the company.