Mitsubishi Motors shares nosedived for a third day on Friday, falling more than 15 percent in early trading in response to its shock admission that it cheated on fuel-efficiency tests.

At 09:41 am (0041 GMT), shares in Mitsubishi Motors were down 14.57 percent at 498 yen, after dipping as low as 489 yen, or 16.12 percent lower.