Alibaba Group Holding’s U.S.-listed shares witnessed the biggest ever fall after China on Thursday announced that it would launch a probe into the company's alleged monopolistic practices . The stock fell 13% in its biggest one-day drop on record. Also Read | The global drive to reimagine capitalismThe Chinese government on Thursday launched a probe into Alibaba's alleged monopolistic practices. Affiliate Ant Group Co., the other pillar of billionaire Jack Ma’s internet empire, was also summoned to a high-level meeting over financial regulations. While China is preparing to roll out the new anti-monopoly regulations, the country’s leaders have said little about how harshly they plan to clamp down or why they decided to act now.

Source: Mint December 25, 2020 03:56 UTC