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Fujifilm Holdings fell as much as 3.9 per cent on Friday after the company said it had delayed the release of its fourth-quarter earnings after finding accounting irregularities at a sales subsidiary.

The tumble puts Fujifilm among the worst performing stocks on Tokyo’s Topix index after the company said it had commissioned a three-member panel of outside lawyers and an accountant to investigate the issue at its sales subsidiary in New Zealand.

Fujifilm’s delay comes after Japanese industrial conglomerate Toshiba missed two accounting deadlines for its third-quarter earnings and decided to release the accounts without a sign-off from its auditor PwC Aarata.

Stock in Fujifilm is currently down 3.1 per cent at ¥4,025 a share. Tokyo’s benchmark Topix index is up 0.8 per cent.

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