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.
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