Panasonic, the world's No.1 plasma TV maker, dived nearly 11 percent after cutting its annual net profit forecast by 90 percent and announcing plans to restructure as the global financial crisis dampens sales of TVs and other electronics.
"Panasonic's earnings forecasts underscored the deteriorating health of the economy," said Terushi Hirotama, head of trading at Ichiyoshi Securities.
"Until recently, investors had believed that Panasonic could withstand the downturn. But now, investors are saying 'Panasonic. You too?'"
