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Takata Stocks Plummet Further

Takata Stocks Plummet FurtherTakata Stocks Plummet Further

Takata suffered another crushing collapse on Thursday, plummeting more than 50% on fears the troubled airbag maker at the center of the auto industry’s biggest-ever safety recall is headed for bankruptcy, Reuters reported. The Tokyo-based auto parts giant, facing lawsuits and huge recall-related costs over a bag defect linked to at least 16 deaths globally, has tumbled for four straight days. It is now worth less than a quarter of its value from just a week ago when a report by Japan’s leading Nikkei business daily said it would seek bankruptcy protection and sell its assets to a US company. At Thursday’s close, the embattled stock had plummeted 55% to 110 yen ($1) from a day earlier.

 

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