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Shares of Hyundai Glovis tumbled by the daily bourse limit of 15 per cent at market open on Tuesday, after Hyundai Motor said its Chairman and Vice-Chairman failed to sell $1.25 billion worth of shares in the logistics affiliate.
The automaker said the stake sale collapsed due to its large size and as “some conditions were not met’’, adding that it had no immediate plans to attempt another sale.
Shares in Hyundai Motor auto-parts affiliate Hyundai Mobis was up more than 10 per cent as of 0010 GMT, on expectations that the succession process at Hyundai Motor Group may be gaining traction despite the failed stake sale in Glovis.
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