Shares of Toshiba tumbled on Wednesday after the electronics conglomerate said it would book a $6.3 billion hit to its U.S. nuclear unit, a write-down of more than shareholder equity with the company looking for finance options.
Highlighting the scale of its financial concerns, Toshiba also ramped up plans to raise cash, announcing it would consider selling most, even all, of its stake in its prized flash-memory chips business. Shares traded down around 10.3 percent in late morning trade.
The company has also launched a probe into whether there was potential inappropriate conduct during its 2015 acquisition of Westinghouse, Nikkei reported.
The developments came to light after Toshiba, due to release its third quarter earnings on Feb. 14, announced that the report has "not yet become available". Reports said the company would meet with bankers on Wednesday for further discussion.
The company subsequently said it received approval to submit the report by March 14.
"The era of the great industrial conglomerates is basically over. Do I think that Toshiba is going to survive? Personally I'm prepared to bet that they will but I think that in one or two years' time, it's going to be a completely different company," Jesper Koll, CEO of WisdomTree Japan KK, said on CNBC Squawk Box.
Nomura suspended Toshiba's rating from its previous "buy" rating. Analyst Masaya Yamasaki wrote in a note that losses related to Toshiba's nuclear business could be more than the preliminary figures provided by the company.
"These losses have not been confirmed and could be become bigger," Yamasaki wrote.