Shares in LG Electronics plunged 14% on Thursday as the company
announced a 1.06tn won (£590m) rights issue which will be used
mainly to fund a revival of its loss-making smartphone business.
The South Korean company’s shares have already fallen by more than
40% this year, but the decline as it announced the demand from
existing shareholders was its biggest daily fall in more than
three years, and knocked around £625m, or $1bn, off its market