Alibaba Shares Lose $28 Billion in Sign Rally is Fizzling Out
- Shares fall Tuesday after slumping 7.1% in previous session
- Alibaba still one of best performers in Hang Seng Index
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Alibaba Group Holding Ltd.’s biggest selloff in three months is underscoring investor concern that China’s consumer recovery may fail to meet lofty expectations.
The e-commerce giant’s 9.1% slump this week has wiped out $28 billion in the tech giant’s market value. The losses have trimmed the month’s gain to about 25%, though that’s still more than double the rebound for the benchmark Hang Seng Index in Hong Kong.