Shares of BTS agents plunge after audit announcement

Seoul: Shares of the South Korean agency behind K pop sensation BTS dropped nearly 10 percent this week after the company announced a probe into its p...

Seoul: Shares of the South Korean agency behind K-pop sensation BTS dropped nearly 10 percent this week after the company announced a probe into its powerhouse subsidiary and demanded the resignation of a star producer.

The agency, HYBE, told AFP on Tuesday that it had launched an audit into its subsidiary label ADOR, which manages popular girl group NewJeans, a two-year-old K-pop phenomenon who have topped global charts.

The agency said it was investigating whether ADOR chief and famed superproducer Min Hee-jin was plotting to break away from the parent company, which holds a controlling 80 percent stake.

HYBE has "launched an audit into ADOR and sent a letter to Min demanding her resignation," a HYBE official told AFP.

As news of the feud emerged in the South Korean press Monday, HYBE's share price dropped 7.81 percent, before falling another 1.18 percent Tuesday.