Hyundai founder sells stake in Hyundai Motors

Hyundai Group founder Chung Ju Yung Tuesday morning sold 12.7 million Hyundai Motors shares, equivalent to a 6.1% stake, at prices ranging from W15,600 to W15,800 a share ($13.04 -$13.73)- a discount to Monday's closing price of W16,800. Because the share price didn't fall through the floor and the shares were offloaded within 15 minutes of the market's opening, rumours were rife that Chung Ju Yung had placed them into friendly (possibly family) hands so as to retain influence over Hyundai Motors.