RTTNews | Jun 4, 2021 01:36PM EDT

13:35 Friday, June 4, 2021 (RTTNews.com) - Beijing-based education spearheads, TAL Education Group (TAL) saw their stock drop 10% on Friday as the Chinese government tighten its stranglehold on the tutoring industry.

According to Nikkei Asia, the State Administration for Market Regulation or SAMR alleged 15 different education providers of false advertising and delusive sales practices and imposed fines totaling $5.7 million with TAL being one of them.

The shares for the company are currently trading at $29.93, down 10% or $3.35 for $33.27 at the bell on Thursday. The market opened at $32.58 on Friday. In the 52-week period, the shares have ranged between $29.39 to $90.96.

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