Nintendo Co. shares plunged by the most since 1990 after the company said late Friday that the financial impact from the worldwide hit "Pokemon Go" will be limited.
The stock sank 18 percent to ¥23,220 at the close in Tokyo, the maximum one-day move allowed by the exchange, wiping out ¥708 billion in market value. After debuting in the U.S. earlier this month, "Pokemon Go" launched in Japan on Friday and became available in Hong Kong on Monday.
The correction comes after the release of "Pokemon Go" almost doubled Nintendo's stock through Friday's close, adding $17.6 billion in market capitalization. Nintendo is a shareholder in the game's developer Niantic Inc. and Pokemon Co., but has an "effective economic stake" of just 13 percent in the app, according to an estimate by Macquarie Securities analyst David Gibson.