News of BTS’ temporary break causes HYBE stock to fall over 28 per cent
HYBE, the label behind K-pop supergroup BTS, has seen their stock price plummet after the K-pop boyband announced they would be going on a temporary break.The South Korean entertainment agency’s shares dropped as much as 28 per cent within the first hour of trading today (June 15), one day after BTS said they would be focusing on their solo careers. According to a report by Billboard, HYBE’s shares had fallen as far as ₩140 thousand per share after opening at ₩168 thousand.The company is currently headed for its lowest close on record since it went public in 2020, wiping out as much as $1.7million in market value as of writing.In light of uncertainties regarding the septet’s future, even prior to their recent announcement, HYBE has seen its stock go down by nearly 60 per cent this year so far, per The Straits Times.