Alibaba (BABA.US) stock plunged more than 8.00%, after China's market regulator has begun a probe over alleged anti-competition practices at the e-commerce firm. The State Administration for Market Regulation announced today that it is investigating Alibaba over its “choosing one from two” policy, in which merchants are forced to sell exclusively on Alibaba and skip rivaling platforms JD.com and Pinduoduo. The probe is part of an accelerating crackdown on monopolistic behavior in China's booming internet space.
Alibaba (BABA.US) stock fell to $246.83 level in premarket which coincides with 200 SMA (red line). If the current sentiment prevails, the downward move could be extended to the support at $231.28. Source: xStation5
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