Nidec shares sink after auditor withholds opinion on results
Thursday's stock decline marks its worst intraday drop since September 2025.
Shares of Japanese motor manufacturer Nidec experienced a significant decline of up to 20% in Tokyo markets after the company's auditor, PwC Japan, withheld an opinion on their recently released financial statements. The delay in obtaining an auditor's opinion has raised concerns about the company's future, particularly following the release of its delayed financial results.
Nidec announced write-downs of ¥632 billion ($4 billion) for the fiscal year ending in March and additional charges of ¥482.5 billion due to accounting irregularities from the prior period, as disclosed in a delayed filing on Wednesday. The company's stock suffered its worst single-day drop since September 2025, marking a 31% decline so far this week.
Additionally, Nidec's CEO, Mitsuya Kishida, resigned on Tuesday. Analysts suggest that the auditor's refusal to sign off on the results indicates that the company may still face further balance sheet losses, making it crucial for Nidec to submit a securities report with an auditor's opinion by October 28, marking one year since the Tokyo Stock Exchange issued a special alert on the company's shares.
Written by urgent.news from Japan Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
