Alibaba shares down in premarket ahead of lock-up period expiration

Reuters News
|
Posted: Mar 18, 2015 7:41 AM

NEW YORK (Reuters) - Alibaba Group Holding Inc shares were lower before the opening bell on Wednesday, as a six-month period prohibiting insiders from selling their shares was set to expire, in an event that many thought could expose the Chinese e-commerce giant's stock to more weakness.

In early premarket trade, shares were down 1.8 percent to $83.01. Coming into the day's action, the stock was down more than 29 percent from its November high.

(Reporting by Chuck Mikolajczak)