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Sharp shares routed in Tokyo

Sharp shares routed in Tokyo
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Shares in loss-making Japanese electronics giant Sharp have taken a bath in Tokyo, at one point losing 31% and seeing nearly nine hundred million euros of value wiped off the books.

The fall came after Sharp said it will reduce capital and issue preferred shares to restructure the company, but investors’ fears of share dilution and further fund-raising sent them running.

Sharp needed a major bailout in 2012 after its core LCD screen business was ravaged by cheaper Asian rivals, and the company is in talks with its lenders about another.