Japan's Kobe Steel tumbles after admitting to falsified data

 
Courtney Goldsmith
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Kobe Steel is Japan's third biggest steelmaker (Source: Getty)

Shares in Japanese manufacturing firm Kobe Steel plunged more than 20 per cent today after it admitted to falsifying data about its products over the weekend.

Kobe fabricated data on components of its aluminium and copper unit which are used in cars and aircraft. The products were delivered to more than 200 companies, including Toyota, Mitsubishi Heavy Industries and Subaru.

Shares in Japan's third-largest steelmaker tumbled nearly 22 per cent to close at 1,068 yen (£7.20).

Read more: Nissan shares have been hit by a £167m recall scandal

Kobe said it was investigating its other business units and assessing the potential impact on the safety of its products.

This is the latest scandal to rock Japan's manufacturing sector, following recent issues with falsified data from Nissan, Mitsubishi Motors and Takata.

Read more: Car giant takes more than half billion pound hit from Takata debacle

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