Nidec Drops as Pulled Guidance Deepens Accounting Crisis (1)

Nidec Corp.shares tumbled after it withdrew full-year guidance and canceled its share buyback program as an accounting crisis at the manufacturer of precision motors deepens.

Shares dropped as much as 11% on Friday, before paring losses to about 7%. Nidec had been expected to report earnings on Thursday but instead scrapped plans to repurchase up to ¥35 billion ($230 million) of its own shares.

It also said it won’t pay an interim dividend for the fiscal year ending March 2026, its first suspension of a midterm payout in at least a quarter century. The company had previously planned to ...