The combined stock value of Hyundai Motor Group’s three top affiliates plummeted by just under 19 trillion won ($17.8 billion) on shaky performances and the purchase of a pricey land lot in southern Seoul, market watchers said Sunday.

According to the Korea Exchange and market researcher FN Guide, the total market capitalization of Hyundai Motor Co., Hyundai Mobis and Kia Motors Corp. stood at 80.16 trillion won as of Friday, down 18.93 trillion won from 99.09 trillion won on Sept. 17.

The drop follows the three companies’ 10.55 trillion won purchase of land owned by state power company KEPCO, weaker than expected sales of new cars and a poor profit outlook. Of the trio, the market cap of Hyundai Motor, South Korea’s largest carmaker, plunged the most to 35.68 trillion won, down 25.7 percent from 48.2 trillion won a month earlier.

In particular, the offloading of Hyundai shares by foreign investors was very pronounced. In the one-month period, ownership of Hyundai Motor shares by foreigners fell 1 percentage point to 44.7 percent. (Yonhap)