Hankook Stock Falls 2% After Rating Cut

Despite earlier positive news about the second phase of production at the company’s Hungary plant reaching the production readiness ahead of schedule, Bloomberg reports that Hankook Tire Co. shares dropped 2 per cent to 29,100 won during trading on 17 November 2010.

According to the news and financial information service, South Korea’s largest tyre maker experienced the stock drop after its rating was cut to “sell” from “hold” by analysts at Citigroup Inc. In addition, the brokerage reportedly lowered its share-price estimate for Hankook Tire to 30,000 won from 33,000 won.

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