BTS agency Hybe's stock drops almost 5% as court favors sublabel

Escalating conflict has wiped out 16% of parent's market value since last month

20240531 New Jeans

The members of NewJeans arrive at the Fact Music Awards in Incheon, South Korea, on Oct. 10, 2023. © AP

LISA KIM, Nikkei staff writer

TOKYO -- Shares in Hybe, the South Korean entertainment agency behind the megahit boy band BTS, dropped nearly 5% on Friday morning after a local court ruled in favor of a sublabel that the company has a dispute with.

Hybe was trading at 193,000 won ($139.15) per share at one point, a 5.4% decline from the previous day. The shares traded 200,000 won at the closing on Friday.

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