Softbank dives on report rival may also sell iPhone 5

Reuters News
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Posted: Sep 21, 2011 10:29 PM
Softbank dives on report rival may also sell iPhone 5

TOKYO (Reuters) - Shares in Softbank Corp <9984.T>, Japan's third largest mobile carrier, tumbled more than 10 percent on Thursday after a report said the company was set to lose its exclusive rights to distribute Apple's <AAPL.O> iPhone in Japan.

The online version of the Nikkei Business magazine said rival carrier KDDI <9433.T> would begin selling the iPhone 5 from November in Japan.

A spokesman for KDDI declined to comment on the report.

Shares in KDDI rose 1.3 percent in the morning session, while rival operator NTT Docomo <9437.T> fell 3.8 percent.

(Reporting by Isabel Reynolds; Editing by Edwina Gibbs)