Shares in ride-hailing giant Didi Chuxing plunged more than 20% on Tuesday, less than a week after the Chinese app listed on the New York Stock Exchange.
The company’s share price fell to a low of $11.58 in morning trading, down 25% from $15.53 at the last market close.
The fall comes after China announced Friday that new users in the country would not be able to download the app while it conducts a cybersecurity review of the company.
Shares in other Chinese names that are listed on U.S. stock markets also fell, with Baidu dropping around 4%, JD shedding roughly 3.5% and Alibaba slipping more than 2%.
Didi listed on the NYSE last Wednesday with a market cap of around $68 billion. Stock in the company rose nearly 16% on Thursday and fell just over 5% on Friday.
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