Portions of Hyundai and Kia plunged on Monday in Seoul after the automakers said they were not in talks with Apple to create self-driving vehicles all things considered.

“We are not having talks with Apple about developing self-driving cars,” Hyundai said in an explanation.

The assertion added that Hyundai has gotten demands from “numerous companies” about creating self-driving electric vehicles, yet that “no decision has been made as we are in the beginning stage.”

Apple declined to remark.

The declaration shocked financial backers who had been wagering on some sort of tie-up between the organizations dependent on long stretches of hypothesis and neighborhood news reports. Kia’s stock plunged 13%, putting it on target for its most noticeably awful day since 2008. Hyundai’s stock fell 5.6%.

News media in the nation announced simply a week ago that Kia was surrounding a significant arrangement with Apple for an association to assemble another vehicle, sending Kia’s stock to its greatest day in over twenty years.

What’s more, a month ago, Hyundai (HYMTF) was accounted for to be in conversations with the iPhone creator to create electric vehicles. The news at the time moved Hyundai’s offers, additionally to their greatest day in at any rate twenty years.

Interest from Apple in South Korea’s automakers appeared well and good. Experts have brought up that Hyundai has been available to uniting with different organizations and even tech firms; it as of now has associations with Chinese hunt goliath Baidu and US chipmaker Nvidia on self-ruling driving, for instance.

The automaker has likewise effectively made huge steps on cutting edge vehicles, including hydrogen energy unit vehicles and an electric vehicle fabricating stage it uncovered in December.

In any case, Apple may likewise decide to enter numerous organizations, with experts skimming other significant carmakers, for example, Honda, Tata Motors’ Jaguar Land Rover and Geely, the Chinese proprietor of Volvo, as possible alternatives.