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Toshiba shares slump on reports of US nuclear business loss

The logo of Toshiba Corporation is displayed at the company's headquarters in Tokyo on December 27, 2016.
Behrouz Mehri | AFP | Getty Images
The logo of Toshiba Corporation is displayed at the company's headquarters in Tokyo on December 27, 2016.

Toshiba shares slumped on Thursday after a media report said the industrial conglomerate will post a loss of more than 500 billion yen ($4.36 billion) at its U.S. nuclear reactor business.

Toshiba said in a press release through the Tokyo Stock Exchange that it had not announced the reactor business loss, reported by the Nikkei business daily, or a separate report by public broadcaster NHK that it will sell other business units and assets to raise 300 billion yen.

Toshiba's shares fell as much as 9.5 percent in to 261 yen in Tokyo after trading was initially suspended. That compares with a 0.9 percent gain in the benchmark Nikkei 225 index.

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