Toyota lost over $15 billion in market value last week after being caught falsifying tests

Shares of Japanese automakers have largely plunged since the country’s transport ministry found false data used to certify certain models a week ago on Monday.

Shares of Japan’s largest carmaker Toyota fell more than 5.4% last week, after the scandal broke on June 3, but is recovering on Monday. The automaker lost 2.45 trillion Japanese yen ($15.62 billion) in market value last week alone.

Shares of Mazda, the country’s second largest automaker, fell 7.7% in the same period, and lost 80.33 billion yen, or $511.8 million in market capitalization last week.

The wide ranging inspection by the Ministry of Land, Infrastructure, Transport and Tourism ministry also found irregularities in certification applications by other automakers Honda, Suzuki and Yamaha.

Source:REUTER