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Alibaba stock plunges the most since its debut in Hong Kong

Alibaba stock plunges the most since its debut in Hong Kong

CNN
Friday, November 19, 2021 6:58 AM GMT

Shares in Alibaba plummeted in Hong Kong, after the e-commerce giant warned of slower growth this year amid China's weakening economy and Beijing's ongoing tech crackdown.

Alibaba (BABA) dropped 10.3% Friday in Hong Kong, the steepest decline since its debut in November 2019. That drop has wiped out 314 billion Hong Kong dollars ($40 billion) in market value for the company.

The plunge dragged on Hong Kong's benchmark Hang Seng Index (HSI), which tumbled nearly 2%.

Read full story on CNN
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