TOKYO, Japan (AFP) Friday 4/22/2016 – Mitsubishi Motors’ shares nosedived for a third day on Friday, falling more than 15 percent in early trading in response to its shock admission that it cheated on fuel-efficiency tests.
At 09:41 am (0041 GMT), the stock was down 14.57 percent at 498 yen, after dipping as low as 489 yen, or 16.12 percent off.
Panic selling in the past two days had already sent the share price tumbling by a third, wiping about $2.5 billion off the automaker’s market value, after the embarrassing revelation.
The scandal came as German auto giant Volkswagen struggles to restore its badly dented reputation after revelations of emissions rigging.
Japanese industry minister Motoo Hayashi told reporters Friday that he has “instructed (the company) to swiftly report facts” around the scandal to the ministry, Jiji Press reported.
On Thursday, Japanese transport ministry officials raided a Mitsubishi Motors’ research and development centre following the admission.
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