Shares in Toshiba fell as much as 12.2 per cent in early trade on Wednesday after the company revealed a $6.3bn writedown for its nuclear business.

After a five-hour delay on Tuesday – during which shares closed trading down 9.5 per cent – the Japanese industrial group announced the size of the writedown to reflect cost overruns and delays linked to its US nuclear business. The company’s chairman Shigenori Shiga also said he will step down.

The company said it would scale back its nuclear business and examine plans to sell parts of its profitable technology business. Toshiba is currently inviting bids for its profitable Nand memory chip business.

Tokyo’s benchmark Topix index is currently up 1.1 per cent.

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