23 May '11, 3am

Tepco shares plunge 9.26% on Monday, after posting a record $18.6 billion loss

Tepco shares plunge 9.26% on Monday, after posting a record $18.6 billion loss

Journalists leave the Tokyo Electric Power Co (Tepco) head office after a news conference. Shares in Tepco fell 9.26 per cent by noon on Monday, in the biggest ever loss for a Japanese non-financial firm. -- PHOTO: REUTERS TOKYO - SHARES in beleaguered utility Tokyo Electric Power closed 8.99 per cent lower in Tokyo trade on Monday after the company posted the biggest ever loss for a Japanese non-financial firm. Tepco posted a record US$15 billion (S$18.6 billion) loss for the financial year ended March and its under-fire president resigned to take responsibility for the worst nuclear crisis since the Chernobyl disaster 25 years ago. Shares in the utility closed at 334 yen, down nearly 85 per cent since the day before the March 11 earthquake and tsunami crippled cooling systems at the Fukushima Daiichi nuclear plant, triggering reactor meltdowns. -- AFP

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