KDDI Shares Sink on $1.6 Billion Hit From Probe Into Fake Sales

KDDI Corp. shares plunged by the most in almost six years after Japan’s second-largest telecom provider said an ongoing investigation into fictitious ad sales will result in revisions to its group revenue for the year ending March.

The company’s stock price fell as much as 10% in Tokyo Monday morning, the most since March 2020.