South Korean chip manufacturer SK Hynix's stock price plummeted, Goldman Sachs downgraded the company's rating for the first time in over three years.

On Thursday, SK Hynix's stock price fell after Goldman Sachs Group downgraded the South Korean chip maker for the first time in over three years, citing expectations of potential losses due to progress made by competitors. After analyst Giuni Lee downgraded the company's rating from "buy" to "neutral," the company's stock price dropped by 8.8% at one point, marking the biggest decline since April 7. Meanwhile, its larger competitor Samsung Electronics saw a 2.3% increase in its stock price.