TOKYO, Oct. 25, 2000 (Jiji Press)Shares of Sanyo Electric Co. skidded by the daily limit of 100 yen to 891 yen on the Tokyo Stock Exchange Wednesday morning, after the president offered to step down to take blame for the company’s wrongdoing.
A Sanyo Electric subsidiary allegedly mixed low-output panels in its solar power generation systems with high-performance solar cell panels in order to keep up with brisk demand.
The revelation prompted the Ministry of International Trade and Industry to impose an administrative penalty on the subsidiary next week.
Brokers said that the revelation has undermined consumers’ confidence in Sanyo products, which will have long-term ramifications on its sales.
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