Sony shares fall to 32-year low

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Japanese electronics giant Sony today saw its share price fall below the ¥1,000 (£8.32) barrier for the first time since the global launch of its Walkman personal stereo in 1980.

The slide coincided with a wider sell-off on the Tokyo stock exchange, with concerns over weak US jobs growth, a slowing Chinese economy and the eurozone crisis pushing the Topix index to its lowest level in 28 years.

Faced with strong competition from rivals such as Apple and Samsung, Sony has posted losses for four straight years, while its core television business has suffered eight years of losses.

The group’s woes have been compounded by natural disasters in Japan and Thailand, while the strong yen has eaten into its export profits.

Shares in the company dipped as low as ¥990 yesterday before recovering slightly to end the session at ¥996, a fall of 1.7 per cent from the previous closing price.

Sony said it was first time that its share price had traded below ¥1,000 yen since August 1980 – the year its iconic Walkman portable cassette player was released to the world following its domestic launch in 1979. Shares in the company peaked at ¥16,950 in March 2000.