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Alibaba Group Holding Ltd Sinks Below Its IPO Price On China Woes

In a major embarrassment to Jack Ma and underwriters who engineered the largest IPO in history, shares of Alibaba plunged below its IPO price in pre-market trading Monday. The stock fell 3.04% to $68.18 on Friday, just a few cents higher than the IPO price of $68. Alibaba plunged another 5.54% to $64.40 in pre-market trading Monday.

Shanghai benchmark index cracks 8.50%

The Chinese e-commerce giant went public in September 2014, raising a staggering $25 billion. Now bludgeoned IPO investors are hoping for someone to rescue them. A slowing Chinese economy and falling stock prices in mainland China have rattled investors. On Monday, the benchmark Shanghai Composite Index crashed 8.50% or 297.84 points to 3,209.91. The decline came even...