Samsung BioLogics' share price tumbles; stock loses $6 billion
Samsung BioLogics' CEO Kim Tae-han at left.
By Oh Young-jin
Shares in Samsung BioLogics, the conglomerate's leading growth engine-to-be, fell over 18 percent on Wednesday ― losing almost $6 billion in value ― the day after the Financial Supervisory Service provisionally decided it had breached accounting rules.
Celltrion and other "bio" and drug makers also saw their share prices drop.
Shares in Samsung C&T Corp, which holds a 43 percent stake in contract drug manufacturer Samsung BioLogics, also fell more than 5 percent.
Samsung BioLogics' CEO Kim Tae-han claimed the company's books were in order according to global standards.
Meanwhile, Samsung Electronics has been in trouble for an alleged attempt to sabotage its labor movement, while Samsung Securities was embroiled in a blunder over phantom shares mistakenly given to employees.