Hong Kong (CNN Business) Didi shares plunged 25% Tuesday as fallout continued over news of the company's troubles in China. The company's stock, which made its US debut only last week, was trading at $11.60 Tuesday morning, well below its closing price of $15.53 on Friday. Tuesday is the first trading day in the United States since Chinese regulators banned Didi's ride-hailing platform from app stores in the country over the weekend. The Cyberspace Administration of China restricted the Didi Chuxing app from being downloaded on Sunday after saying it posed a cybersecurity risk for customers, and that the platform was "found to have severely violated the laws by illegally collecting and using personal information." Just last week, Didi had gone public in the biggest US initial public offering by a Chinese company since Alibaba's debut in 2014, raising some $4.4 billion.

Source: CNN July 06, 2021 10:30 UTC