By Kwanwoo Jun


KakaoBank Corp.'s shares plunged Friday, after a key shareholder offloaded a sizable stake in a block trade.

Shares in the South Korean internet-based lender were last 7.2% lower at 28,950 won ($21.81), paring losses of up to 13% to a record low of KRW27,150 earlier in the day.

The broader market index, the Kospi, was down 0.3%.

KakaoBank retreated as its third-largest shareholder, Kookmin Bank, confirmed its block deal sale of 14.76 million shares at KRW28,704 a share.

Kookmin, a retail bank affiliated with KB Financial Group, said its stake in KakaoBank was reduced to about 5% after the deal. Kookmin previously owned roughly 8% of the online-only lender, which listed in 2021.

Kakao Corp., which owns 27% of KakaoBank, was trading 2.7% lower.


Write to Kwanwoo Jun at kwanwoo.jun@wsj.com


(END) Dow Jones Newswires

08-19-22 0124ET