Hyundai and Kia shares fell in South Korea on Monday (27 March) after a raid by prosecutors at the weekend, according to Reuters.

Local media have linked the raid to a probe into the lobbying of government officials, although the neither the automakers nor the prosecutor's office would confirm this.

Hyundai Motor shares fell 2.95% and Kia Motors shares fell 4.2%.

Hyundai affiliates Hyundai Autonet (component supplier) and Glovis (car shipper) were also affected, with share prices down 10.1% and 13.5% respectively.