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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.
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.
India last month outlawed dozens of Chinese apps including ByteDance's popular video-sharing app TikTok, Alibaba's UC Browser and Tencent's messaging app WeChat, saying they posed a threat to sovereignty and integrity.
Alibaba Group Holding Ltd on Monday kicked off the 2019 11.11 Global Shopping Festival at 0000 hours on Monday as per Chinese time.
One of Daniel Zhang's major challenges will be finding new areas of growth as China's e-commerce sector matures
China's richest man gave this advice to the employees during Alibaba staff's group wedding in the country.
The country's digital payments industry is going to witness a seismic change this year with global players joining the bandwagon, creating flutters among the existing players, including Alibaba-backed Paytm which rules the market.
The e-commerce magnate weighed into a debate about work-life balance and the overtime hours demanded by some companies as the sector slows after years of breakneck growth.
It was unclear why the paper chose to mention Ma's affiliation now but it comes amid a push by Beijing to bring the country's private enterprises more in line with Party values.