New Zealand shares tumbled Wednesday while Asian shares were mostly flat as political tensions in South Korea sent jitters across markets.

The S&P/NZX 50 Index plunged 1.5%, or 196.51 points, to close at 12,896.67. Non-energy minerals led the decline as stocks shed 5.5%. Distribution services and industrial services lost 3.8% and 3.1%, respectively.

In Asia, shares in Hong Kong, Shanghai, and Japan were little changed. South Korea's KOSPI Index plunged 1.7%.

South Korean President Yoon Suk Yeol on Wednesday lifted the surprise martial law he declared a night earlier. Lawmakers are now calling for Yoon's impeachment as the country faces its largest political turmoil in decades.

In domestic news, commodity prices went up in November on the back of higher dairy prices, with the ANZ World Commodity Price Index up 2.9% month on month to 379.8.

In corporate news, Scales (NZE:SCL) affirmed its guidance of an underlying net profit after tax of NZ$30 million to NZ$35 million for the 12 months to Dec. 31. For fiscal 2025, the company expects underlying net profit after tax of NZ$35 million to NZ$40 million. The agribusiness' shares were down nearly 1% at market close.

Infratil (NZE:IFT, ASX:IFT) opened its exchange offer of six-year unsecured,

unsubordinated, fixed-rate infrastructure bonds due Dec. 13, 2030. The company's shares were marginally lower.