JD.com Falls as Sales Volume Slows With China Growth Concern
- Shares tumble 7% to three-month low, after falling up to 10%
- GMV growth slows to 55% in first quarter from 99% a year ago
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JD.com Inc., China’s second-biggest online retailer, plunged after it reported flagging sales growth on its marketplaces and management expressed concern about the country’s economic slowdown.
The American depositary receipts dropped 7 percent in New York to $23.43, the lowest since Feb. 12. Trading volume of 45.3 million shares was more than triple the daily average of the past three months. The ADRs were among the 10-worst performers on the Bloomberg China-U.S. Equity Index, which slid 3.6 percent.