(Bloomberg) -- A stock rout in Japan wiped out $15 billion of SoftBank Group Corp.’s value on Monday, after the company’s biggest single-day fall since...
-- A stock rout in Japan wiped out $15 billion of SoftBank Group Corp.’s value on Monday, after the company’s biggest single-day fall since founder Masayoshi Son took the company public in 1998.The technology giant’s stock fell 19%, extending its decline for the September quarter so far to 38%, in line to be the biggest such drop since 2001. The plunge comes as Son prepares an investment blitz in AI and semiconductor technologies.
“The selloff is overdone,” said Kirk Boodry, an analyst at Astris Advisory. “The last time SoftBank Group traded like this was the capitulation trade when Covid fears swamped markets and the discount to net asset value was almost 70% at one point.”The discount has expanded to 57% today as markets account for higher volatility and risk for SoftBank investments, according to Boodry.
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