SEOUL, KOREA - The share prices ofthree Hyundai Motor Group companies—Hyundai Motor, Kia Motors, and HyundaiMobis—plunged amid news that the group decided to terminate its 10-year-longpartnership with GE.
At 10:55 am of October22, the share price of Hyundai Motor stood at 161,500 won, down 5,500 won or 3.29percent compared to a day ago. During the interim trading hours, its shareprice plummeted to the 150,000 won-level, the lowest in four years.
The share price ofHyundai Motor has recently plunged by more than 20 percent due to itsacquisition of Korea Electric Power Corp.’s office property in Gangnam.Theshare prices of Hyundai Mobis and Kia Motors also fell by 2-3 percent on theday.
Another factor behindtoday’s plunge in the share prices of the Hyundai Motor Group companies is therumors that Hyundai Motor Group plans to buy back GE Capital’s 43-percent stakein Hyundai Capital and Hyundai Cardeach, terminating its 10-yearequity partnershipwith GE of the United States.
Article provided by The Korea Economic Daily
