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Mitsubishi Materials plunges into the stock market after admitting the falsification of data

The Japanese manufacturer of construction materials Mitsubishi Materials plunged more than 8 percent today on the Tokyo Stock Exchange after revealing that some of its subsidiaries have falsified the technical specifications of their products.

Tokyo, Nov 24 (EFE) .- The Japanese manufacturer of construction materials Mitsubishi Materials plunged more than 8 percent today on the Tokyo Stock Exchange after revealing that some of its subsidiaries have falsified the technical specifications of their products.

At 10.30 local time (01.30 GMT), an hour and a half after starting the session, shares of Mitsubishi Materials fell 345 points, 8.44 percent, to 3,745 yen.

The day before the Japanese company acknowledged that three of its subsidiaries have falsified the data of the technical specifications of products such as copper or aluminum sold to the aerospace, automotive and electric power industries.

Mitsubishi Materials, which recognized that the problem affects products sold between April 2015 and September of this year, has already contacted 40 of the more than 250 affected customers.

The Japanese company has is scheduled to offer today a press conference to explain in detail the scope of this case, which comes after the steelmaker of his country Kobe Steel acknowledged last October that detected the falsification of inspection data for its aluminum, copper, steel and iron products.

Irregular practices, which affected products sold to hundreds of companies all around the world, consisted in the manipulation of the inspection certificates to make it appear that the technical data fulfilled the requirements, in the falsification of labeling or even in obviating inspections.

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