[Featured Stocks] Hyundai Motor and Kia Both Drop Over 3% Following German Prosecutors' Search and Seizure News

[Asia Economy Reporter Myung-hwan Lee] Hyundai Motor and Kia are showing weakness in early trading on the 29th following news of a raid by German prosecutors.

As of 9:40 a.m. today, Hyundai Motor is trading at 180,500 KRW, down 2.96% (5,500 KRW) from the previous trading day. Kia is also trading lower at 78,800 KRW, down 3.79% (3,100 KRW) compared to the previous day.

Their decline is attributed to the news reported the previous day about the German prosecutors raiding Hyundai and Kia’s local offices. According to major foreign media reports, the Frankfurt prosecutors in Germany conducted raids on eight local offices of Hyundai and Kia in Germany and Luxembourg on the 28th (local time). The German prosecutors stated in a press release that the companies are suspected of distributing more than 210,000 diesel vehicles equipped with illegal emission manipulation devices.