Alibaba's Stock Falls, Hits Lowest Price In Its 5 1/2-month History

Alibaba Group's stock slumped 2.9% in morning trade Tuesday, and hit the lowest price in its 5 1/2-month history earlier in the session, after the Chinese e-commerce giant said it would fully cooperate with the Taiwanese government, which asked the company to withdraw from the country on concern of its Chinese ownership. The stock, which began trading on Sept. 19, hit an intraday low of $81.26, which is 32% below its Nov. 13 intraday peak of $120, and 20% above its $68 IPO price. The stock has lost 17% since the company reported disappointing fiscal third-quarter sales on Jan. 29. Since then, Alibaba has been under regulatory scrutiny over the sale of fake goods on its site.