Japan's Toshiba nosedived nearly 26 percent on Thursday, marking a fifth consecutive session decline, after credit downgrades from both Moody's and S&P Global Ratings.
Moody's downgraded Toshiba to CAA1 on Wednesday, and placed its ratings on review for further downgrades over concerns about the sustainability of the Japanese firm's near-term liquidity and its corporate governance framework.
S&P Global Ratings also lowered its ratings for Toshiba, downgrading its long-term corporate credit to B- from B, and its senior unsecured debt ratings to B+ from BB-. The ratings agency also put Toshiba's ratings on a negative watch.
Toshiba was trading down 17.33 percent at 257.7 yen by 12:10 pm HK/SIN, after falling as much as 25.5 percent earlier in the session.