Sanyo Shares Slide on Battery Recall
Shares of Sanyo Electric Co., the world’s largest maker of rechargeable batteries, fell to a 31- year low after 1.3 million of its cells used in mobile phones were recalled on concern they overheat and rupture. The lithium-ion batteries, made by a unit of Osaka-based Sanyo, are used in Mitsubishi Electric Corp. handsets on NTT DoCoMo Inc.’s high-speed service. Matsushita Electric Industrial Co. confirmed it found six cases of burst batteries used in its Panasonic phones, responding to a Yomiuri newspaper report [see Japan Times in English]. Matsushita spokesman Junji Kanegawa said Sanyo wasn’t the battery maker, declining to name the manufacturer.