MOSCOW, September 23 (RIA Novosti) – Share prices in Hyundai Motor Company, a South Korean multinational automotive manufacturer, and Kia Motors Corporation, South Korea's second-largest automobile manufacturer, fell in Seoul during trading Tuesday.
"This will lead to an increase in lost production which may hurt the companies" third quarter earnings," Kwon Soon Woo, an analyst at HI Investment & Securities Co, said, was quoted as saying by Bloomberg.
After their workers announced strikes, Hyundai and Kia dropped 2 and 2.6 percent respectively. Shares in Hyundai fell to its lowest level since May 2013, closing at 191,500 won.
According to Bloomberg, Hyundai's labor union announced a partial strike starting today, lasting until September 26. Kia's workers will go on strike on September 24 and September 26. Both strikes are a result of unsuccessful wage talks.
In December 2013, South Korea's Supreme Court ruled to include regular bi-monthly bonuses in base salaries, increasing the cost of employees.
