American depositary receipts of E-Commerce, known as Dangdang, plunged 15 percent to $8.63, a two-week low, at the close of trading in New York. It was the biggest one-day decline since June 13.
Yang will stay with Dangdang for a period as long as three months as it searches for a replacement, the company said in a statement today. Dangdang spokeswoman Maria Xin could not be immediately reached for comment after Chinese business hours.
Shares of Dangdang have gained 96 percent this year. The stock slumped 84 percent in New York last year to $4.40, falling below the December 2010 initial public offering price of $16.
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