Shares of Sanyo Electric Co, formerly Japan's largest mobile-phone maker, fell the most in more than two months after the company said it hasn't decided whether to sell its unprofitable handset unit. The stock dropped 2.1 percent in Tokyo, its biggest decline since May 30, to close at ¥190 (US$1.61).
Sanyo hasn't made any decision over the sale of the mobile-phone business, spokesman Ahikiko Oiwa said on Saturday, in response to a NHK report that said the company was in talks with Japanese handset makers.
"Some investors may have been disappointed with the company's comment Saturday because we expected the company to sell the unit," said Mitsuhiro Osawa, a Tokyo-based analyst at Mizuho Investors Securities Co.
Sanyo, controlled by Goldman Sachs Group Inc and other creditors, plans to turn profitable by focusing on rechargeable batteries and selling businesses such as leasing and semiconductors. In June, it said it would announce a business plan by the end of next month that will include its strategy on chips and mobile phones.
Sanyo is in talks to sell the phone unit, the Tokyo Shimbun reported on Sunday, without citing anyone.