RTTNews | Aug 13, 2021 01:20PM EDT

13:20 Friday, August 13, 2021 (RTTNews.com) - Chinese e-retail company DingDong (Cayman) Limited (DDL) dropped 12% in the Friday market. While the company has not posted any news to affect the shares, it is believed that the ongoing government action in China against companies listed outside the country is behind the drop.

The company, backed by SoftBank, got listed in the New York Stock Exchange at the end of June. While the stock has been downwards from the beginning of July, it has reached its lowest on Friday. Chinese watchdogs have prohibited companies from listing at outside markets as the government is trying to stop the misuse of personal information by the internet-based service providers.

The shares are currently trading at $18.96, down $2.48 or 11.55% since their previous close at $21.43. The shares opened at $21.05 and in the 52-week period, the shares have ranged between $18.87 and $46.00.

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