Hyundai Motor Co. and Kia Motors Corp. tumbled in Seoul trading, wiping out a combined $4.7 billion in market value, after a U.S. regulator found they overstated mileage claims on some of their vehicles.
Hyundai, South Korea’s No. 1 carmaker, declined 7.2 percent to 199,500 won at the close on the Korea Exchange, its steepest loss since August 2011. Kia, the second-largest, lost 6.9 percent to 56,300 won, the lowest level since February 2011. The two stocks were the biggest drag on the benchmark Kospi index, which fell 0.6 percent.