Feb 29, 2012 08:26 AM IST | Source: Reuters

Elpida shares plunge 98 pct after bankruptcy filing

ELPIDA-SHARES:Elpida shares plunge 98 pct after bankruptcy filing

TOKYO (Reuters) - Shares of Elpida Memory Inc shed more than 98 percent on Wednesday as investors dumped the stock after it filed for bankruptcy protection early in the week and media reports indicated it would be preparing a rehabilitation plan over the next six weeks.

Elpida opened down 98.1 percent at 5 yen in heavy trade after remaining untraded for most of the morning session with a glut of sell orders.

The Tokyo bourse has said there was no longer any daily limit for the stock's price moves.

The cash-strapped chipmaker filed for protection from creditors on Monday with $5.6 billion in debt, saying potential partners failed to come through to rescue it.

(Reporting By Mari Saito; Editing by Edmund Klamann)

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