Sony, the consumer-electronics giant, today denied reports that it is planning to delay the release of its PlayStation 3 (PS3) games console.

The Japanese electronics manufacturer insisted that the console would be ready for spring 2006, but the company refused to give a specific launch date.

The denial was not enough to stop shares in Sony plunging almost 4 per cent on the Tokyo stock exchange, with investors worried that any delay could cost the company millions of dollars.

Sony’s denial was in response to a report from analysts at Merrill Lynch that said the PS3 might not be ready until the autumn in Japan and early 2007 in America. It is six years since Sony launched its highly successful PS2 on the global market, and gamers have been expecting the latest generation console since before Christmas 2004.