[LOTTE CRISIS] Lotte firms’ market cap lose another 400 billion won

[THE INVESTOR] Lotte Group companies’ market capitalization dropped by more than 400 billion won ($340 million) on June 14, the second trading day since the corruption probe began.

On June 10, the Seoul Central District Prosecutors’ Office began an extensive corruption probe on the conglomerate. The authorities believe that Lotte founder Shin Kyuk-ho and other family members have embezzled billions of won from the group. 

According to market data, the nine listed Lotte firms’ market capitalization fell by 436.3 billion won on June 14. Combined with the drop on June 13, Lotte companies’ market capitalization has fallen 1.21 trillion won compared to June 10.

The combined market capitalization of the companies stood at 24.23 trillion won at market close on June 14.

Lotte Chilsung Beverage Co. saw a drop of 3.93 percent to close at 1.783 million won. During trading, the company’s shares dropped to a 52-week low of 1.769 million won. Lotte Confectionary Co.’s shares have also dropped to a year-low, closing 2.54 percent lower than the previous day.



By Choi He-suk (cheesuk@heraldcorp.com)