Jeju Air's stock dropped sharply due to an accident involving a passenger plane that occurred at Muan International Airport in South Jeolla Province.
Jeju Air shares traded at 7,040 won on the KOSPI market at 9:03 a.m. on the 30th. The stock price fell 14.25% (1,170 won) compared to the previous trading day. It hit its lowest price in the past year as soon as trading started.
Shares of Aekyung Group companies are also declining. The stock of AK Holdings, the largest shareholder of Jeju Air, traded at 9,730 won at the same time. The stock price fell 11.3% (1,240 won) compared to the previous trading day, recording its lowest price in the past year. Aekyung Industrial and Aekyung Chemical are also in a downturn.
The Jeju Air flight 7C2216 crashed into the outer wall of the airport after landing on the runway around 9:03 a.m. the previous day. As a result of the accident, the aircraft was fully engulfed in flames, and among the 181 passengers on board, 179 lost their lives. Authorities plan to recover the black boxes, including the flight data recorder (FDR) and cockpit voice recorder (CVR), to investigate the exact cause of the accident.