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Markets

Chinese tech stocks Didi and Pinduoduo tumble on Wall Street

Scrutiny from Beijing and disappointing sales lead to declines

Didi's stock has dropped more than 40% since its initial public offering at the end of June.   © Reuters

NEW YORK -- Shares in Chinese stocks tumbled in U.S. trading on Friday following reports that Beijing ordered ride-hailing group Didi Global to delist from the New York Stock Exchange and Nasdaq-listed e-commerce platform Pinduoduo missed quarterly revenue expectations.

The declines outpaced the broader market, where fears of a new COVID-19 variant pushed the S&P 500 to its worst day since February.

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