The elder Chung's announced retirement from day-to-day management of Hyundai came as a surprise. The 84-year-old patriarch, who began the business by opening a rice shop in 1940, has been a central figure in Hyundai and is regarded as a symbol of South Korea's family-controlled conglomerates. The stock market responded positively to the news, with the main share index jumping nearly 6 percent. The market had slumped in the last week because of concern over Hyundai's finances. The South Korean government said nothing about the family bickering but welcomed Hyundai's announcement of a revamping. Over the last two years, the government has been prodding the nation's big conglomerates to reduce their size and indebtedness, which are regarded as important contributors to the financial crisis that nearly paralyzed the South Korean economy in late 1997. ''The self-rescue plan announced by Hyundai will be reflected positively to outside investors,'' said Lee Hun Jai, the minister of finance and economy.