[THE INVESTOR] The combined market capitalization of the nine Lotte Group firms listed on local markets dropped by more than 1 trillion won ($851.8 million) on Monday.
The drop is thought to have been driven by the expanding corruption probe centered on the members of its founding family -- Shin Kyuk-ho and his two sons Shin Dong-joo and Shin Dong-bin.
At the end of the market close on Monday, nine listed Lotte Group firms’ shares dropped compared to the closing prices on Friday.
(The Korea Herald)
In total, the changes are estimated to have lowered Lotte Group firms’ market capitalization by 1.1 trillion won.
The nine firms, Hyundai Information Technology saw the biggest drop of 10.57 percent, followed by Lotte Insurance Co., whose shares dropped by 6.43 percent.
Lotte Confectionary Co.’s shares saw a drop of 5.97 percent, while Lotte’s other food and beverage businesses faired the best. Lotte Chilsung Beverage Co.’s shares slid 1.8 percent, while Lotte Foods Co. retreated 2.65 percent.
Lotte Chemical, whose plans to acquire Axiall Chemicals were scrapped following the prosecution’s raid on June 10, saw its shares slide 3.91 percent, while Lotte Fine Chemical’s shares fell 2.89 percent.
The group’s flagship Lotte Shopping Co. shares dropped 5.38 percent and Lotte Himart Co.’s figures saw a 4.42 percent drop.
By Choi He-suk (
cheesuk@heraldcorp.com)