Tokyo Electric stock hits 47-year low

Kyodo News

The stock of Tokyo Electric Power Co. continued its recent falls Tuesday to hit a 47-year low, with concerns intensifying over stalled work to deal with the nuclear crisis at its quake-hit plant and radioactive contamination.

After hitting a 34-year-low Monday, Tepco fell by its daily allowable limit for a second straight day to close at ¥566, down ¥130, or 18.7 percent. The company said it was its lowest closing since April 1964.

Media reported the firm faces difficulties in removing contaminated water from the Fukushima No. 1 power plant, prodding investors to sell the stock amid fears the operation could hinder efforts to restore the facility’s crippled cooling functions that are crucial to overcoming the crisis.

The market was also pressured by uncertainties over the future of the plant operator, prompted by reports of the possible nationalization of the utility, which is expected to face massive damages claims over the radiation leaks.