Broader Drop in Chinese Market Hit Alibaba’s Shares to the Lowest Point
Alibaba Group hit the headlines with its IPO in September with its super success story. But in less than one year's time the company's stocks on Tuesday hit its lowest point, slipping greater than four percent at one point time of the day, dropping to a level as low as $76.21 a share.
The broader drop in the Chinese market is taking a toll on the shares of many including Yahoo, which is in the middle of a spinning off process for its stake in Alibaba valued at almost $40 billion.
From middle of September last year, Alibaba, the Chinese e-commerce company started trading on the NYSE at a price of $68. By the end of the first day of it's trading its shares reached $93.89. The stock reached its peak in November selling at $120. However, earlier in the current year the stocks plummeted following criticism from Chinese regulators about the authenticity of several products which were sold by the website owned by Alibaba. In the last one month, the stocks of Alibaba have dropped more than twelve percent and have hovered within the bracket $80 to $90 in recent times.
United Kingdom News
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