Shares in Japan's Toshiba slumped more than 16 percent Monday after it withdrew its earnings forecast and said it won't pay a dividend, citing a probe into accounting irregularities on infrastructure projects.

Toshiba, which remained ask-only with massive selling orders at the start, finally began trading at the day's limit low of 403.3 yen, down 16.55 percent, or 80.0 yen, in mid-morning trade.