Rumors about the health of Chung Mong-koo, Honorary Chairman of Hyundai Motor Group, spread, causing a sharp increase in the stock prices of some Hyundai Group companies on the 14th.

Rumors about the health of Chung Mong-koo, Honorary Chairman of Hyundai Motor Group, spread, causing a sharp increase in the stock prices of some Hyundai Group companies on the 14th.: COMPANY / Kim Minyoung / 2024-06-17 03:20:38

Chung Mong-koo, honorary chairman of Hyundai Motor Group. (Photo=Hyundai Motor Chung Mong-koo Foundation)

[Alpha Biz= Reporter Kim Minyoung] Due to rumors about the health of Honorary Chairman Chung Mong-koo of Hyundai Motor Group spreading, the stock prices of some Hyundai Group companies surged on the 14th.

On that day, Hyundai Mobis closed trading at 238,000 won, up 16,500 won (7.45%) from the previous day. At one point during trading, it even reached 253,500 won, up 14.45%.

Hyundai Mobis said in a public announcement later in the day, "The rumor is groundless."

Hyundai Mobis plays a crucial role in the Hyundai Group's governance structure, holding a 21.64% stake in Hyundai Motor, the group's core affiliate. As of the end of the first quarter this year, Honorary Chairman Chung holds a 7.19% stake in Hyundai Mobis.

Hyundai Glovis also rose by 9,400 won (5.23%) to 189,000 won, showing a significant increase with a peak of 201,000 won during trading.

These stocks experienced larger fluctuations in response to rumors about Honorary Chairman Chung's health, including false speculation about his passing.