AutomobileShares tumbled nearly 12% in early trading on Wednesday, the biggest intraday drop since July last year, after the company reported disappointing results for fiscal 2020 and below market expectations.

Nissan reported on Tuesday that its operating loss for the 2020 fiscal year to the end of March widened to 150.65 billion yen from 40 billion yen a year earlier.

The company expects results for the current fiscal year to break even, far below the average analyst forecast of 133 billion yen.

Makoto Uchida, CEO of Nissan, said he expected chip shortages to affect production of about 500000 vehicles this year. He said that while the future chip situation was "still uncertain", Nissan planned to restore about half of its lost production in the second half of the fiscal year when the crisis began to ease.