(Bloomberg) — Toyota Motor Corp. slid in the US market on Tuesday after the carmaker’s stock tumbled in the final minute of trading amid a downturn in the broader Japanese stock market earlier.
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The stock closed 4.8% lower in Tokyo, its biggest decline since March 2022, shaving about $11 billion from the carmaker’s market value. The benchmark Topix closed 0.7% lower, erasing a gain in afternoon trading as news about Japan’s restrictions on chip-technology exports spurred profit taking. The American Depositary Receipts fell as much as 1.9% by 10:20 a.m. in New York.
A block of 14.5 million Toyota shares crossed at 1,857 yen per share at the close, according to data compiled by Bloomberg.
Toyota wasn’t immediately able to comment.
“I’ve never seen such sudden plunge in shares,” said Bloomberg Intelligence’s Tatsuo Yoshida. “There can be many possible causes for this, including fat finger or closing out of positions, but I can’t see any fundamental reasons to sell this many Toyota shares.”
Read more: Japan Stocks Drop as Chip News Spurs Profit-Taking After Rally
The world’s No. 1 carmaker earlier this month released a conservative profit forecast for the current fiscal year that aligned with analyst projections, as new Chief Executive Officer Koji Sato seeks to deliver on his pledge to rapidly expand electric vehicle production.
–With assistance from Masatsugu Horie, Esha Dey and Kana Nishizawa.
(Adds moves in US trading in second paragraph.)
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