Sony share price down to pre-1980 levels


Monday 04 June 2012 08:12

Sony's stock price has fallen below the 1,000 yen barrier (£8.30) for the first time since 1980 in a symptom of its decline since it found huge success with the Walkman three decades ago.

The electronics giant has struggled to turn around its money-losing TV business for eight years and has been battered by competitors such as Apple and Samsung.

Sony's shares dipped to 990 yen (£8.25) today before recovering slightly on the Tokyo market.

The firm said it was first time its stock price had traded below 1,000 yen since August 1980 - the year after it introduced the iconic Walkman portable cassette player to the world.

The stock peaked at 16,950 yen in March 2000.

Sony last month reported a record annual loss of $5.7bn (£3.7bn), for its fourth straight year of red ink.

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