Samsung Group denied rumors circulated Thursday that its chairman Lee Kun-hee, who has been hospitalized for over two years, has died.

Earlier in the day, rumors that the 74-year-old has died and that the news will be made public at 3 p.m. were circulated around the local stock market and social media.

Samsung Electronics Co., the flagship of South Korea's largest family-run conglomerate, said the rumors are "groundless," shortly after the Korea Exchange (KRX) demanded an explanation over the speculations.

The prompt response by Samsung was deemed as an attempt to protect investors and stabilize the market.

Lee was hospitalized on May 10, 2014, after suffering a heart attack. He was transferred to the Samsung Medical Center the next morning, where he underwent a procedure to widen his blood vessels. The business tycoon has been receiving medical attention ever since, although doctors have stressed he is in stable condition. (Yonhap)