Alibaba stock plunges nearly 11% in record Hong Kong decline

Alibaba (BABA) dropped 10.7%, the steepest decline since its listing in the city in November 2019. The fall in Hong Kong followed a similar plunge Thursday in its share price on Wall Street after the company reported disappointing quarterly earnings and warned that results for the year will miss analysts‘ estimates.
So far this year, Alibaba’s stock has dropped 40%, wiping about $234 billion from the value of the company. Friday’s plunge dragged down Hong Kong’s benchmark Hang Seng Index (HSI),…

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