Mitsubishi Motors shares dive 10% to all-time low after huge loss forecast

Logo of Mitsubishi Motors. Credit: Reuters

Shares of Japanese automaker Mitsubishi Motors Corp plunged more than 10% to 240 yen, marking an all-time low since their 1988 listing.

A day earlier, Mitsubishi Motors forecast its second straight year of losses because of a plunge in sales due in part to the coronavirus pandemic.

Its projection of an operating loss of 140 billion yen ($1.33 billion) for the year ending on March 31, 2021, would be the biggest in at least 18 years, according to records dating back to 2002.