Toyota shares fall 16.7 percent
It appears to be no letup to the challenges that Toyota Motor Corp. is experiencing. As Toyotas problems worsened over a recall of millions of vehicles due to faulty accelerator pedals and floor mats, shares fell for the sixth straight day on Friday. Toyota is extending the recall to its most popular cars to Europe and China. As a result, Toyota shares fell about 2% to 3,490 yen (about $38.66) in Tokyo on Friday. They have lost 16.7% in the last five days. Hiroaki Kuramochi, chief equity marketing officer at Tokai Tokyo Securities, said that Toyotas stock would fall further until the impact on earnings and profits from the recall becomes clear. US Congressional investigators are seeking e mails and other documents from Toyota and US safety regulators about the recall. It would be the first congressional review of its kind since the committee investigated defective Firestone tires related to Ford Motor Co. rollovers in 2001.
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