SoftBank shares tank as Vision Fund sees big loss

STORY: SoftBank shares plunged on Monday (November 14).

Investors were spooked when the Japanese lender's Vision Fund reported another heavy loss for the third quarter running.

The investment arm made losses of $9.9 billion over the three months to Sept. 30.

SoftBank shares were down 13% Monday, and headed to their biggest one-day loss in more than two and a half years.

Analysts blamed the slide in part on a pullback from a steep rally.

Last week, SoftBank had announced completion of its plan to spend just under $2.9 billion buying back its own shares.

Such moves had helped the stock gain more than 40% since October.

Market specialists also pointed to worries about a broader weakness in tech stocks.

That hurts SoftBank as the lender bets heavily on the growth of high-tech companies.

The company as a whole reported its first quarterly profit in three quarters.

It was helped by cutting some of its stake in China's Alibaba.