The recent sex scandals that have rocked the KPOP worlds have crushed Korean Entertainments stocks.
YG Entertainmenthas seen its stock plummet 24.8 percent since Feb. 25, after Seungriwas questioned by police over drug use and prostitution. On Tuesday, the stock closed at 36,150 Korean won per share, down around 1 percent from the day before.
According to pulse news the nation’s five major entertainment companies lost 17.52 percent in value from Feb. 25 to March 15, after their combined market value fell from 3.35 trillion won to 2.76 trillion won.
The scandal started in late January, when Korean media reported that employees at Burning Sun, a nightclub then owned by Seungri, were being accused of assaulting a customer.
On March 11, following reports that the celebrity had been charged with providing sexual services at his club, YG Entertainment saw its stock fall 14.1 percent. On the same day, Seungri announced on his Instagram account that he would retire from show business.The stock fell another 3.4 percent on March 12.
Other Korean entertainment companies such as JYP Entertainment, SM Entertainment, Cube Entertainment and FNC Entertainment also suffered losses as the scandals unfolded.
FNC Entertainment which manages Choi Jonghun saw its share price fall 11.1 percent on March 11.
SM Entertainment, Cube Entertainment and FNC Entertainment all saw their stocks recording more than 20 percent declines from Feb. 25 to March 15. JYP Entertainment, meanwhile, was only down about 5.5 percent during that period.