Shares in Sony plummet

Shares of Sony plummeted 12% after the Japanese electronics giant drastically cut its profit and sales forecasts for the fiscal year due to poor demand amid a global slowdown.

Sony lost 12.2% to close at 2,015 yen in the morning session today. The overall benchmark Nikkei index lost nearly 5% in early trade to finish the morning at 8,046.99.

Sony said yesterday its profit for the fiscal year ending March 2009 are set to plunge 59% from the previous year to 150bn yen (€1.1bn).

It blamed deteriorating sales of flat-panel TVs and other gadgets for the dismal projection, which was announced shortly after the market closed yesterday.

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