The stock made its debut at Rs 115, reflecting a huge gain of 51.31 per cent against the issue price on the BSE. It then hit a high of Rs 138, a jump of 81.57 per cent.
"Alibaba accepts the penalty with sincerity and will ensure its compliance with determination," the Hangzhou-based company said in a statement.
Alibaba was fined for “abusing its dominant position” to limit competition by retailers that use its platforms and hindering the “free circulation” of goods.
"#JUSTIN: #JackMa not disappear, here we go: Ma just had a video conference with 100 village teachers on Wednesday morning, saying: after #COVID19, we'll meet each other again," tweeted Qingqing Chen, Chief Reporter of Global Times News, a China state-affiliated media.
Whatever the reality behind Jack Ma’s govt relations, the actions are part of steps by Beijing to increase tech regulation
This incident took place within months of property tycoon Ren Zhiqiang being sentenced to 18 years of imprisonment. Experts said that this would lead to an environment of extreme uncertainty
Alibaba acquired the music service to compete in China's online music market, which is dominated by Tencent Holdings.
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