Sony shares tank to 31-year low

Sony shares on the Tokyo Stock Exchange have tanked to a 31-year low, dipping as much as 6.7 percent to ¥1,132 ($14.16), reports the BBC. The news comes after Sony this week announced a record annual loss of ¥456.7 billion ($5.71 billion).

Sony and newly appointed president Kaz Hirai have forecast a return to profit during the fiscal year, but analysts are not betting on the firm being able to turn the ship around.

"Sony is facing a lot of difficulties and the new president has not been able to produce a clear plan as to how he will turn around the company," Yuuki Sakurai of Fukoku Capital Management told the site. "Even the little that investors have heard, they are not very impressed with."

Last month, Sony outlined its "One Sony" plan to revitalize the company, which will look to the firm's gaming business unit to help spur sales. Outside of gaming, the plan aims to bolster sales by restructuring its television sector, creating all-new businesses, realigning its portfolio, and optimizing resources.