YG Entertainment stock price continues to fall amid serious allegations against BIGBANG Seungri.
On March 11, YG Entertainment ended their day with their stock priced at 37,150 won (~$33), this is a staggering drop of 14% since the day before. This comes after Seungri announced he would be retiring from the entertainment industry.
YG Entertainment stocks have also been chosen as the subject of short-stock selling on March 12 which basically means that investors immediately sell their stocks hoping that he/she can buy them later at a lower price.
In South Korea, agencies stock prices can be easily affected by their artists’ controversies. Seungri’s controversies have largely affected his agency since the beginning of the first controversy involving Burning Sun club, YG stock price has been on the decline unable to restore its previous status.
On March 11 around 2:40 p.m. KST, the agency stock price also fell by 15.6% which was due March 10 announcement that Seungri has been booked by police on suspicion of offering escort services to foreign investors, he was also banned from leaving the country.
With the ongoing investigations into the allegations made against Seungri its uncertain if the stock price will be able to rise to its previous status before the controversies started.
Seungri will be enlisting as an active duty soldier on March 25.
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