Shulou(Shulou.com)11/24 Report--

CTOnews.com, Nov. 14 (Xinhua)-- shares of Japan's Softbank Corp. Group plummeted today after the company reported its third consecutive quarterly loss in its vision fund investment division, Reuters reported.

Softbank Corp. 's share price fell 11.2% in early trading and is expected to record its biggest one-day drop in more than two years.

However, analysts said the fall was partly due to a pullback to a sharp rally. Earlier, investor hopes for more share buybacks fuelled a sharp rally. By Friday's close, Softbank Corp. 's shares had risen more than 40 per cent since October.

CTOnews.com learned that Shinji Moriyuki, an analyst at SBI Securities, said: "expectations, including a new round of share buybacks, have pushed up the share prices of these companies, and they are now in the stage of adjustment."

Softbank Corp. did not announce a new share buyback plan on Friday. The Vision Fund lost 1.38 trillion yen (about 70.38 billion yuan) in the three months to September 30 as the value of its portfolio continued to decline. But Softbank Corp. overall reported its first quarterly profit in three quarters, thanks to the sale of some of its stake in Alibaba Group.

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