Deals
Alibaba Falls Below IPO Price as Rout Adds to China Concerns
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Alibaba Group Holding Ltd. shares fell below their initial public offering price for the first time as a global market retreat added to investor concerns about the Internet giant’s slowing sales growth in China’s weakened economy.
Alibaba fell 3.5 percent to close at $65.80 Monday in New York, dropping below its September IPO price of $68. U.S. stocks plunged, with the Standard & Poor’s 500 Index sinking into a correction. Chinese shares tumbled the most since 2007.