Tokyo Electric Power ends at new all-time low on TSE+

TOKYO, April 5 Kyodo -
Tokyo Electric Power Co. plunged to a fresh lifetime low of 362 yen Tuesday on the Tokyo Stock Exchange amid concern that the utility is likely to face huge damages payments due to the ongoing nuclear crisis at its crippled nuclear power plant.
Shares in the utility known as TEPCO fell by their daily allowable limit of 80 yen, or roughly 18 percent, dropping below the previous record-low close of 393 yen on Dec. 11, 1951.
TEPCO's total market value stood at 581.7 billion yen, down around 3 trillion yen from its value on March 10, the day before the magnitude 9.0 earthquake and ensuing tsunami crippled its nuclear power plant in Fukushima Prefecture.
The utility on Monday dumped relatively low-level radioactive water into the Pacific Ocean from the Fukushima Daiichi power plant in an effort to contain more highly radioactive water.
The measure fueled concern that the company could face further compensation claims from the fishing industry at a time when radiation leaks from the plant have already contaminated farm products, brokers said.
Prior to the quake, TEPCO stock was considered a relatively safe asset, with a closing price of 2,153 yen on March 10, as the company had a stable financial foundation.
Individual investors held around 30 percent of TEPCO shares as of the end of September 2010, while trust banks managing shares in the utility possessed by pension funds are among its major stakeholders.
Some brokers warned that the plunge in the utility's shares could possibly cut into investors' funds managed for use after retirement.
''Although TEPCO shares only make up a portion of the pension funds' managed assets, they could result in financial losses depending on how they are managed,'' said a senior analyst at a brokerage.
Brokers said they expect TEPCO shares to remain weak until authorities come up with comprehensive measures to support the utility in dealing with the crisis and massive compensation.