TOYOF - Toyota's Market Value Plunges Over $15B Amid Test Falsification Scandal; Mazda Honda Suzuki Follow Suit | Benzinga
The stock prices of major Japanese automakers, including Toyota Motor Corp. (OTC:TOYOF), Mazda Motor Corp. (OTC:MZDAY), Honda Motor Co., Ltd. (OTC:HNDAF), and Suzuki Motor Corp. (OTC:SZKMY), have taken a hit following a safety scandal.
What Happened: The Japanese transport ministry discovered that false data was used to certify certain models, leading to a significant drop in the stock prices of these automakers, reported CNBC on Sunday.
Toyota, the largest carmaker in Japan, saw its shares plummet by over 5.4% last week, resulting in a market value loss of 2.45 trillion Japanese yen ($15.62 billion). Mazda, the second-largest automaker in Japan, experienced a 7.7% fall in its shares, leading to a market capitalization loss of 80.33 billion yen ($511.8 million).
Other automakers, including Honda, Suzuki, and Yamaha, were also found to have submitted false test data or falsified vehicles used ...