[Featured Stock] LG Chem's Market Cap Drops 3.8 Trillion Won Amid Battery Recall News
[Asia Economy Reporter Ji Yeon-jin] On the 26th, LG Chem's stock price fell more than 6% following news of a 400 billion KRW recall of energy storage system (ESS) batteries by its subsidiary LG Energy Solution.
As of 2:38 PM on the same day, LG Chem was trading at 837,000 KRW, down 6.17% from the previous day. Its market capitalization dropped by approximately 3.812 trillion KRW compared to the previous closing price, standing at 59.1563 trillion KRW.
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Earlier, LG Energy Solution announced a voluntary replacement of ESS batteries produced on a dedicated ESS battery production line from April 2017 to September 2018. The cost required for battery replacement and additional measures is estimated to be around 400 billion KRW.
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