Alibaba stock slides after China cracks down on monopolies ...News

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Alibaba stock slides after China cracks down on monopolies
source : Russia Today ( News ) () 33
Internet giant Alibaba’s stock dropped by as much as eight percent, leading a tech selloff in Hong Kong on Monday, amid the ongoing investigation by China’s antitrust regulators. Shares of Chinese shopping platform Meituan dived 5.3 percent, while multinational technology holding Tencent plunged 4.8 percent. The broader Hang Seng Tech index declined by 4.33 percent. Alibaba’s stock price extended previous losses, plunging to the lowest level since early July, despite the corporation’s decision to raise a proposed stock buyback program, launched earlier this quarter. On Sunday, the online retailer announced plans to increase repurchasin

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