Didi says app takedown may hit revenue, other U.S.-listed Chinese firms probed
The Hindu
The CAC's move also comes amid a widespread regulatory squeeze on Chinese tech firms that began with the scuttling of a $37 billion listing planned by Alibaba fintech affiliate Ant Group late last year.
Ride-hailing giant Didi Global Inc said a regulatory order that its app be removed from app stores in China could hurt revenue, while other newly U.S.-listed Chinese firms also found themselves the subject of cybersecurity investigations. (Subscribe to our Today's Cache newsletter for a quick snapshot of top 5 tech stories. Click to subscribe for free.) Sunday's takedown order from the Cyberspace Administration of China (CAC) comes just two days after the regulator announced an investigation into Didi and less than a week after it made its debut on the New York Stock Exchange.
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Five top firms lose ₹1 lakh crore in market value, with HDFC Bank experiencing the largest decline of ₹56,124.48 crore.
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Options are widely used by retail traders to speculate on the value of the stock for immediate gains and such behaviour in large scale can distort the market
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