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Shares of the company fell as much as 8.8% to 528 rupees in afternoon trading, and was last down 5.8% as of 3:00 p.m. IST.
As China's top market watchdog began investigation into alleged anti-competition practices by the e-commerce giant Alibaba, the country also laid out "rectification plan" for Ma's fintech venture Ant Group.
Once an English teacher in China, Jack Ma found his way to becoming one of the most successful businessman in the world through hard work and sheer will.
Ma will stay on till 2019 and Zhang will retain the CEO post when he becomes the chairman.
Ma said a lot of businesses in China and the US will be in trouble in the short term, and eventually, Chinese firms will be forced to turn to other countries.
Ma will remain on the company's board of directors and continue to mentor its management.
The two countries have set tariffs on hundreds of billions of dollars of each other's goods.
Singles' Day is the world's biggest online sales event and last year netted Alibaba 168 billion yuan in total sales.
The case comes weeks after India cited security concerns in banning Alibaba's UC News, UC Browser and 57 other Chinese apps after a clash between the two countries' forces on their border.
China's richest man gave this advice to the employees during Alibaba staff's group wedding in the country.
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