Alibaba Group Holding Ltd. (BABA) shares are sliding on Thursday morning trade as China's market watchdog has initiated a probe into Alibaba over alleged anti-competition practices at its e-commerce arm.
The State Administration for Market Regulation has issued the notification as per the Anti-Monopoly Law.
Currently, the shares are at 224.15, down 12.50 percent from its previous close of $256.18 on a volume of 23,600,107. For the 52-week period, the shares have traded in a range of $169.95 to $319.32 on average volume of 17,925,582.
Alibaba's shares are down more than 8 percent on the Hong Kong Stock Exchange.
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