SONY Corp, the world's second-largest maker of consumer electronics, fell the most in more than five years in Tokyo trading after Goldman, Sachs & Co cut its rating on the stock, saying earnings will be less than projected.

Sony dropped 10 percent to 3,240 yen (US$30.91) yesterday in the Tokyo Stock Exchange, the largest decline since April 28, 2003, Bloomberg News reported. The benchmark Nikkei 225 Stock Average lost 3.2 percent. Goldman reduced the rating to "neutral" from "buy" and lowered its full-year operating profit estimate by 18 percent. The brokerage joins JPMorgan Chase & Co in cutting the investment recommendation on Sony this week because of a lack of near-term factors to drive up the stock price.

Risks related to flat-panel televisions, digital cameras and mobile phones are increasing, Goldman analysts wrote yesterday. "We see a lack of positive catalysts until the market can begin factoring in" earnings for the year ending March 31, 2010, the analysts wrote.

Goldman also trimmed Sony's 12-month share-price estimate by 20 percent to 3,700 yen.