Toyota ups buyback programme after share-price drop
Updated : 12:59
The recent drop in Toyota's share price has prompted the Japanese automaker to raise the size of its buyback programme to 1.2trn yen ($8.3bn), the company announced on Tuesday.
The manufacturer said back in May that it would repurchase up to JPY1trn of stock, but has now added an additional JPY200bn to the total, according to an exchange filing.
The reason for increasing the maximum limit of share repurchases was "due to the current stock price level and other factors", Toyota said.
The buyback programme, which represents up to 3.93% of the total issued shares, will run until the end of April 2025.
The stock, which finished down 0.7% at JPY2,617 on Tuesday, has dropped by around a third since hitting a yearly peak of JPY3,891 back in March. It now stands more or less flat on last September's levels.