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Korea Aerospace shares plunge amid government raid

Military aircraft manufacturer suspected of manipulating R&D costs

SEOUL -- Korea Aerospace Industries shares dropped sharply on Friday following news that government prosecutors had raided the state-owned military company on suspicion it manipulated development costs on helicopters and military aircraft.

KAI stocks dropped 5.6% to 57,600 won, erasing all of the 4.6% gains posted over the previous three trading sessions. The benchmark Kospi edged up 0.21% to 2,414.63, hitting a fresh record high.

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