![]() On Monday, rival messaging service LINE zoomed to the top of iPhone App Store's most downloaded apps in South Korea, having not even ranked in the top 100 on Friday, according to SensorTower data. Kakao shares plunged as much as 9.5% on Monday to their lowest since May 2020, wiping out 2 trillion won ($1.39 billion) in market capitalisation at one point, while shares in affiliates KakaoPay (377300.KS) and KakaoBank (323410.KS) lost more than 8% before paring losses. "If the market is distorted in a monopoly or severe oligopoly, to the extent where it serves a similar function as national infrastructure, the government should take necessary measures for the sake of the people," Yoon added, noting South Korea's antitrust watchdog would examine the matter. President Yoon Suk-yeol said on Monday that the company's services, which includes the flagship KakaoTalk messenger app, are "like a fundamental national telecommunications network as far as the public is concerned," and promised follow-up measures over the service outage. The outage was caused by a fire at a data centre near Seoul on the weekend and while systems had mostly been restored by Monday, the disruptions to a range of related services from payments to taxis and restaurant bookings have raised questions about public reliance on the app. ![]() SEOUL, Oct 17 (Reuters) - Shares of South Korea's Kakao Corp (035720.KS) plunged on Monday after a widespread outage in the country's largest mobile chat app triggered a sharp political backlash and calls for increased scrutiny on the company's market dominance. ![]()
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