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Nidec shares tumble after it sticks to annual profit outlook

TOKYO : Nidec shares tumbled nearly 9 per cent early on Tuesday after the electric motor maker reported a rise in quarterly operating profit but kept its annual outlook unchanged the previous day.

The company’s shares were trading down 8.5 per cent by mid-morning, after being untraded with a glut of sell orders earlier in the day.

After the market close on Monday, the Kyoto-based company posted a 7.6 per cent rise in quarterly operating profit, helped by stronger sales and a weaker yen currency but it stuck to its full-year outlook.

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