Alibaba Group Holding’s U.S.-listed shares, on Thursday, saw the biggest fall ever. The stock fell 13 percent and it is the biggest one day drop in its record. This came in after China announced a probe into the company’s alleged monopolistic practices.
The stock is now down by 30 percent from an October peak and has taken the company to its lowest level since July. Alibaba slid 8 percent in Hong Kong to a five-month trough.
Billionaire Jack Ma’s Affiliate Ant Group Co., the other pillar of internet empire was also summoned to a high-level meeting over financial regulations.
The State Administration for Market Regulation is investigating Alibaba, the top antitrust watchdog said in a statement without further details. Regulators including the central bank and banking watchdog will separately bring in affiliate Ant to a meeting intended to drive home increasingly stringent financial regulations, which now pose a threat to the growth of the world’s biggest online financial services firm. Ant said in a statement on its official WeChat account it will study and comply with all requirements.
Alibaba Group is a Chinese multinational technology company specializing in e-commerce, retail, internet and technology with an annual turnover of over $72 billion.
