Why Alibaba Stock Is Sliding Today

Alibaba Group Holding Ltd BABA shares are trading lower Monday following reports that China has imposed fines on some big tech companies for failure to comply with anti-monopoly rules on the disclosure of transactions.

According to a Reuters report, citing a list from the State Administration for Market Regulation (SAMR), 28 past deals violated anti-monopoly rules. Alibaba was reportedly involved in five of those deals.

Related Link: Alibaba, Tencent Fined By Chinese Regulator Over Non-Compliance With Anti-Monopoly Rules

Chinese stocks are also trading lower amid a resurgence in COVID-19 cases. Recent outbreaks have caused casinos, among other businesses, to close in Macau.

Alibaba operates China's online marketplaces, including Taobao (consumer-to-consumer) and Tmall (business-to-consumer). 

BABA Price Action: Alibaba has traded between $216.60 and $73.28 over a 52-week period.

The stock was down 4.05% at $116 at press time, according to data from Benzinga Pro.

Photo: courtesy of Alibaba.