DiDi Global stock sinks 18% right now in the open market. The stock was very stable for the last 5 days. The stock was trading at around $11.15 from July 19 to July 21, then it dipped to 10.50 on July 22. There was another major crash as of July 23. The stock price is now at $8.47. The reason behind such sudden falling might be because of the company violating security laws.
On July 4, 2021, the China App Center ordered the offline stores of DiDi to stop selling the “DiDi Chuxing” app due to its violation of the country’s data protection regulations. The company was also ordered to make changes to its systems to safeguard the safety of the users’ personal information.
The complaint claims that the registration statement was materially misleading and omitted to make it clear that DiDi’s app did not comply with various laws and regulations governing the collection of personal data. As a result, it was reasonably likely to be subject to scrutiny from the China Anti-Corruption Commission.
Finance and Entertainment Reporter
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