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Sony shares plunge as profits disappoint

Tokyo, April 25 (Reuters): Shares of Sony Corp plunged on Friday, dragging down the Japanese share market in their wake, after the world’s biggest consumer electronics maker stunned investors with below-target earnings and warned of trouble ahead.

Sony’s share price fell 20 per cent on the Instinet electronic trading platform to 2,950 yen, a seven-year low, while on the Tokyo Stock Exchange sell orders overwhelmed buyers, sending the shares down 500 yen daily limit to 3,220 yen. The rout pushed down Tokyo’s Nikkei share average by 2 per cent to its lowest close in 20 years.

Sony, which reported results after the market closed on Thursday, was hit by weak demand in recent months as consumers turned wary at the prospect, and then the reality of war in Iraq.

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