South Korea's anti-trust regulator said Tuesday the number of firms affiliated with local conglomerates on its watchlist dropped to 1,128 in October.

Eight companies were added to the list, while 21 others were removed from it during the month. Those on the list are subject to a set of restrictions including a ban on cross-shareholding and loan guarantees among subsidiaries.

The decrease is mainly due to Hyundai Group which was taken off the list on Oct. 20.

Under a revised antitrust law, business groups with 10 trillion won ($8.8 billion) in assets or more are categorized as conglomerates by the FTC and put on the watchlist.

Hyundai's total asset shrank to 2.56 trillion won as it sold off its stakes in Hyundai Securities Co. to KB Financial Group as part of efforts to keep its debt-ridden shipping unit Hyundai Merchant Marine Co. afloat.

As a result, 15 affiliates of Hyundai were removed from the FTC's list.

On the other hand, newly-acquired eight subsidiaries of GS, Hyosung and CJ groups were added to the list. (Yonhap)