The arrests Thursday of seven former senior officials of Mitsubishi Motors Corp. have dealt a further blow to the already tainted image of the carmaker and other Mitsubishi Group firms, just as MMC was poised to unveil another revival plan under a new management team.
On the Tokyo Stock Exchange, news of the arrests hit the Mitsubishi Group broadly. Mitsubishi Motors finished the day 14 yen lower at 259 yen, while Mitsubishi Heavy Industries Ltd. fell 7 yen to 297 yen and trading house Mitsubishi Corp. lost 44 yen to 1,008 yen.
It is believed the arrests will have a far greater impact on MMC's business than many people thought, as they come on the heels of DaimlerChrysler AG's recent decision to withdraw its support for the ailing carmaker.