[Market Focus] Hyundai Engineering & Construction Plunges Over 6% on 'Retaining Wall Collapse' Search and Seizure

On July 22, Hyundai Engineering & Construction shares are showing a decline of over 6% following news of a police search and seizure related to the Osan retaining wall collapse incident.

As of 10:10 a.m. on this day, Hyundai Engineering & Construction's stock price is trading at 66,400 won per share, down 6.21% compared to the previous trading session.

This is interpreted as a result of the police launching a compulsory investigation following the collapse of a retaining wall on an overpass at Gajang Intersection in Osan, Gyeonggi Province, on July 16, which resulted in the death of a driver passing underneath.

At 9:00 a.m. on this day, the Osan Retaining Wall Collapse Investigation Task Force of the Gyeonggi Nambu Provincial Police Agency executed search and seizure warrants at three locations: Osan City Hall, Hyundai Engineering & Construction as the contractor, and Korea Infrastructure Safety and Technology Corporation as the supervising company. This is the first time the police have conducted a search and seizure in connection with this incident.

Through the search and seizure, the police plan to investigate whether there were any issues during the construction phase, whether maintenance was carried out according to the manual, and whether there were any prior signs of risk of an accident.