Alibaba suffered its worst trading day ever on Thursday after Chinese regulators opened an antitrust investigation into the e-commerce giant.- Alibaba fell as much as 18% in Thursday trades, far outpacing its previous record one-day decline of nearly 9% in 2015.
- $4
$4 suffered its worst one-day decline ever since going public in 2014 after Chinese $4 into the e-commerce giant.
Alibaba fell as much as 18%, far outpacing its previous record one-day decline of 8.8% in January 2015. The stock hit levels not seen since June.
The complaint centers arounds Alibaba's practice of forcing merchants to sign exclusivity contracts and only sell their products on Alibaba's e-commerce platform and not on competing platforms.
The investigation comes just one month after Chinese regulators abruptly halted the highly anticipated public debut of Ant Group, a fintech lending company founded by Jack Ma and partially owned by Alibaba.
That clamp-down on Ant Group came shortly after $4 about China's banking rules.
In separate statements released Thursday, both Alibaba and Ant Group said they had been notified about the regulatory actions and would cooperate, per The $4.