Pusan Cast Iron Plunges 91% on First Day of Liquidation Trading, Stock Price Falls to 40 Won [Stock NOW]

[Financial News] Pusan Cast Iron, which is facing delisting, plunged more than 90% on the first day of liquidation trading.
As of 1:58 p.m. on the 29th, Pusan Cast Iron was trading at 40 won, down 446 won, or 91.77%, from its 486-won price immediately before liquidation trading began. The stock opened at 26 won and climbed as high as 47 won during the session.
Pusan Cast Iron, a manufacturer of cast components for automobiles, entered liquidation trading after a court dismissed its application for an injunction to suspend the effect of the delisting decision.
Earlier, the Korea Exchange (KRX) held a meeting of its Main Board Listing Disclosure Committee on November 17 last year to review whether Pusan Cast Iron had implemented its improvement plan. The exchange decided to delist the company after comprehensively considering its going-concern status, management transparency and investor protection. However, liquidation trading was put on hold after the company filed for an injunction.
On the 21st, KRX confirmed that the injunction application had been dismissed and announced that the delisting process would resume. Liquidation trading will continue through the 8th of next month, while delisting is scheduled for the 12th. The shares subject to the process comprise 92,782,988 common shares.

[email protected] Bae Han-geul Reporter