SM Entertainment stocks tumble as idols leave and romances leak

Taemin, left, and Onew of boy band SHINee. [NEWS1, SM ENTERTAINMENT]

SM Entertainment shares have been tumbling this week following reports of the potential departure of its long-standing artists and the revelation of a high-profile girl group member involved in a romantic relationship.

Taemin and Onew of boy band SHINee may be leaving SM Entertainment and are rumored to be seeking other nests, according to local reports on Tuesday.

The agency confirmed on Tuesday afternoon that Taemin’s contract expires at the end of March and that he is “still weighing his options and yet to finalize his next label.”

The company stated that while SHINee’s group activities will continue at SM Entertainment, the members’ individual activities will be their choice.

“[Other members] Minho and Key are under discussion with the agency on a positive note to continue their solo activities here, and Onew is still mulling over his options.”

Following the news, SM Entertainment shares slid 1.9 percent to close at 72,200 won ($54.11) on Wednesday.

The K-pop agency’s shares have been on the downfall ever since aespa’s Karina admitted to her romance with actor Lee Jae-wook on Feb. 27. Shares have plummeted 10.53 percent from Feb. 26, the day before Karina’s relationship was revealed.

BY LEE JAE-LIM [lee.jaelim@joongang.co.kr]