Kyung Nam Pharm famous for its popular vitamin supplement brand Lemona was met with cold response Thursday as the stock returned to the Kosdaq market after near-two-year suspension for accounting rule violation.

The Kosdaq Market Committee of the Korea Exchange ruled to keep Kyung Nam Pharm stock onboard the country’s secondary Kosdaq market, judging it has made progress in improving financial soundness through business divestiture and marketing activities.

Investors did not agree. On Thursday, its first day of return, Kyung Nam Pharm closed 18.7 percent lower at 12,200 won.

Kyung Nam Pharm is one of Korea’s oldest drug houses. It has been under review since March last year for violating accounting standards.

The company was given an additional grace period after an initial eligibility review last December. In the meantime, the company has executed a plan to normalize business by naming Bio Genetics as a preferred negotiator to sell the business and requesting independent and criminal investigations of its former management team on illegal activities.

Bio Genetics, a local condom maker, invested 42 billion won ($35.3 million) to acquire about a 25 percent stake in Kyung Nam Pharm in May.

By Pulse

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