Nissan shares dive more than 11% after outlook cut

Shares in Nissan Motor plunged more than 11 percent on Tuesday after the auto giant slashed its full-year earnings forecast. The stock was down 11.55 percent to 850 yen in early trade following a three-day weekend. After the first 30 minutes of action, it came off the low and was changing hands at 873 yen, down 9.15 percent from Friday's close. After the market closed on Friday, Japan's number-two automaker announced a sweeping management overhaul to "rejuvenate" its top ranks while slashing its full-year profit forecast. The firm cited a sluggish European market and vehicle recall costs for the outlook downgrade. Nissan now expects to earn 355 billion yen ($3.62 billion) in the fiscal year to March, down from an earlier 420 billion yen forecast. Despite the slimmed-down forecast, the company said its half-year net profit rose 6.5 percent from a year ago as sales jumped 14.7 percent. Japanese markets were closed Monday for a national holiday.