Kakao Pay shares, which have already been hovering at record lows, are trending downward again following allegations that domestic consumer credit information was leaked to Alipay.

The latest setback is expected to further strain the company, despite efforts to bolster its stock price, according to market watchers, Wednesday.

According to the Korea Exchange, Wednesday, the stock price of Kakao Pay closed at 24,100 won ($17.71), up 2.34 percent from Tuesday.

However, the slight uptick was insufficient to recover Tuesday’s losses, which followed an announcement by the Financial Supervisory Service. The regulator accused Kakao Pay of transferring the data of 40 million users to Alipay from April 2018 to the present without their consent.

Although Kakao Pay explained that the information being shared was necessary for payment processing and did not legally require user consent, the 한국을 market responded with a wave of selling. Kakao Pay’s share price plunged 5.61 percent following the revelation compared to the previous session.

These new allegations exacerbate the company’s problems. Kakao Pay’s stock had already been struggling. After reaching a yearly intraday high of 60,200 on Jan. 11, it plummeted by over 60 percent in just seven months.

This is partly due to the recent arrest of Kakao founder Kim Beom-su, which has cast a shadow over the company’s future business prospects. If Kim receives a penalty exceeding a fine, financial regulators may reassess Kakao Corp.’s eligibility to remain the largest shareholder of Kakao Pay