New Delhi: Shares of the company fell sharply on Tuesday after China's Cyber Space Administration suspended the mobile application of China's riding company DiDi, which was listed on the US stock exchange last week and expanded the scope of cyber investigation against the company. Has बीन on the New York Stock Exchange, the company's shares fell by 23 percent as soon as the market opened on Tuesday evening. On Friday also, the company's shares had fallen by 10 percent, but after that, they recovered and closed down about 6 percent.
On Monday, American markets were closed due to America's Independence Day, but on Tuesday, the company's shares were seen licking dust as soon as the market opened. Let us tell you that this Chinese company was listed on the US stock market only last week and the issue price of the company was $ 14. On the first day, the company's shares had registered a good increase and its price reached $ 18 and the market capitalization of the company had also increased to $ 68.49 billion, but during Tuesday's trading session it fell to $ 57 billion. Gone. The company's stock was trading around $12 below the issue price, down 23 percent.
Actually DiDi, like Uber, does taxi booking and riding in China. The day after its listing in the US, China's Cyberspace Administration issued a statement saying that China has started investigating DiDi and that the investigation is being done keeping in mind national security and data protection laws. The very next day, the Chinese investigative agency suspended DiDi's mobile app. After the app was suspended, DiDi issued a statement saying that its revenue and business would be affected by the investigation of the Chinese investigative agency. Only after this statement of the company, the shares of DiDi have fallen drastically in the stock market.
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