Hyundai Motor’s share price on the Seoul bourse has plunged to its lowest level in four years, raising concerns about the carmaker’s fundamentals amid weak sales and unfavorable exchange rates, analysts said Thursday.

“There are many unfavorable conditions that are pushing down the prices of Hyundai Motor stocks right now,” said Song Sun-jae, an analyst at Hana Daetoo Securities.

Share prices of the carmaker nosedived to 149,000 won ($137) during Wednesday’s trading session at the main local bourse Korea Exchange, down 33.63 percent compared to the closing price at the beginning of the year. The last time its stock prices fell below the 150,000 mark was in 2010. Likewise, the auto manufacturer’s portion against the total value of the country’s main stock market went under, forfeiting its position as the country’s second-largest market cap to chipmaker SK hynix since Tuesday.

“The biggest disadvantages that have raised concerns about the company’s overall fundamentals would be the weakening yen and disappointing sales of the new Sonata,” Song said.

Last week, the Bank of Japan went on further monetary easing, which sent the yen’s value sharply down against the greenback. Such unexpected currency movements can be alarming for South Korean car exporters who compete directly with Japanese rivals in overseas markets.

Hyundai Motor’s efforts to boost sales through new model launches have not measured up so far, with its market share in the United States, the world’s No. 1 car market, sliding below 4 percent in October for the first time since late 2010.

“The market’s current atmosphere is that investors avoid buying stocks of companies with unclear outlook, so much so that it won’t matter how much their share prices have gone down,” said Kim Joon-sung of Meritz Securities.

“There is no doubt that Hyundai Motor shares are very undervalued right now, but investors need assurance that the company’s uncertainties have been somewhat reduced.”

Analysts say there are other drags for the car company, including the 10.55 trillion won purchase of a land lot in southern Seoul by its holding firm Hyundai Motor Group, after which share prices sank 9.17 percent on the day it won the bid for the purchase.

“Although Hyundai’s current slump is not due to a single event, the land purchase certainly did have a sudden negative effect on investor sentiment, especially for foreign buyers and institutions,” Song said.

The recent $100-million penalty Hyundai and its sister affiliate Kia Motors received for fuel efficiency exaggeration in the United States was also seen as a one-time occurrence that had an adverse effect, according to analysts.

With the current conditions, market watchers remain skeptical of any abrupt turnaround of share prices for Hyundai Motor, but there are hopes that with the right triggers, the company may get back on its feet.

“Hyundai Motor will need to see an increase in sales volume for a definitive recovery, which I think may be possible in the next couple of months,” said Kim.

“It is likely that the fluctuating currency will become fixed after mid-December, which may then be followed by a better-than-expected sales performance.”

The car producer’s recent moves to build more plants in China as well as its potential increase of dividend payouts to investors can also trigger a rebound in share prices, analysts said.

Shares of Hyundai Motor closed at 158,500 won on Thursday, up 4.97 percent from the previous trading session. The benchmark KOSPI rose 0.26 percent. (Yonhap)