Korea Zinc Shares Sink After Report of Share Sale Plan Probe

Shares of Korea Zinc Co. plunged as much as 23%, extending losses from a day earlier, after a local media report that the South Korea’s markets regulator may ask the metal producer to revise its $1.8 billion share sale plan.

Korea Zinc shares have since narrowed their losses on Thursday noon, down about 2.3%. A day earlier, they closed down 30% after the company surprised investors with the deeply-discounted share sale plan that was interpreted as the chairman’s attempt to keep control.

The company needs to disclose more details, including how the estimated share price was calculated, according to a ...