Toshiba has unexpectedly delayed the release of its quarterly earnings and details of a multi-billion dollar writedown to its nuclear business, sending its shares sharply lower as investors fret over the conglomerate's future.
Toshiba had said it would reveal the charge at noon (0300 GMT), along with its latest outlook. But it later said in emailed statement that it was "not ready", giving no further details.
Kyodo news agency, citing a financial source, said the delay was due to problems in Toshiba's discussions with auditors.
"The delay shows that the company is in a mess," said Makoto Kikuchi, chief executive of Myojo Asset Management.
"We can assume that the company is not delaying its earnings release for good news. The market speculates that Toshiba will be releasing figures worse than what is being reported already."
Toshiba shares finished around 8 percent lower Thursday and Chairman Shigenori Shiga also announced he was stepping down.
The cost of insuring against a Toshiba credit default climbed, with the most actively traded credit default swaps jumping 30 basis points to 357/399 bps. That means it would cost $357,000 to $399,000 per year for five years to insure $10 million in bonds.