SoftBank Group Corp shares fell as much as 11.6per cent on Wednesday, with its market capitalization dipping below the value of its domestic telco, as uncertainty grows over its management of a portfolio of unproven startups.
The tech conglomerate's market cap fell to a low of 6.84 trillion yen , below SoftBank Corp's 7.1 trillion yen, reflecting the depth of investor scepticism over Chief Executive Masayoshi Son's assertions his tech bets are back on track and as the coronavirus outbreak roils markets.
"We believe SoftBank's aggressiveness in pursuing growth and managing its finances makes its financial standing weak," S&P said.
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