[Market Focus] Innospace Plunges 26% After "Hanbit·Nano Launch Failure"

Shares of Innospace, a private South Korean space company, have plummeted following the failed launch of its "Hanbit·Nano" rocket.

As of 1:48 p.m. on December 23, Innospace was trading at 11,040 won, down 3,960 won (26.50%) from the previous trading day.

Earlier in the day, at 10:13 a.m., Innospace launched its proprietary space rocket "Hanbit·Nano" from the Alcantara Space Center in Brazil. The stock price, which had opened higher, soared as much as 20.07% to 18,010 won immediately after the Hanbit·Nano launch.

However, about 30 seconds after liftoff, an anomaly was detected in the rocket, and the stock price plunged sharply. On the YouTube live broadcast, the video feed showing the inside of the rocket was suddenly cut off, and intense flames were observed in the sky. A caption appeared on the live stream stating, "An unexpected event has been detected during flight."

Subsequently, Innospace announced that "the mission was terminated according to safety procedures." The company also stated that the rocket had fallen to the ground within a designated safety zone and that there were no signs of casualties or additional damage.

The launch had been postponed three times since November 22 before finally taking place on this day. Innospace is reportedly planning to attempt another Hanbit·Nano launch in the first half of next year.