Toshiba falls 5% on reports it may seek third earnings deadline extension

Toshiba tumbled on Monday amid media reports the company would likely miss a another deadline for its quarterly earnings.

The company sought a one-month extension in March for the release of its audited results for the third quarter of last year, its second such request, giving it until 11 April to report. The Japanese conglomerate is grappling with a $6.3bn writedown on its US nuclear subsidiary Westinghouse.

Shares in Toshiba fell as much as 9.4 per cent in morning trading in Tokyo. Its shares trimmed losses to be down 5.1 per cent at ¥229.2. The benchmark Topix index is up 0.3 per cent.

Westinghouse filed for Chapter 11 bankruptcy protection last week as the Japanese conglomerate sought to offload its largest financial risk ahead of the end of its fiscal year.