PDD Holdings Inc (PDD) stock suffered a 5.34% plunge in the pre-market trading session on Tuesday, reflecting the broad sell-off witnessed in Chinese American Depositary Receipts (ADRs) and exchange-traded funds (ETFs) tracking Chinese indexes overnight.
The decline in PDD Holdings' stock price was primarily driven by growing concerns over China's economic growth prospects. Several reports indicated that Chinese ADRs and ETFs faced significant selling pressure during the overnight trading session, leading to a substantial decline in their share prices.
The sell-off was exacerbated by a sharp drop of 3.6% in the China A50 index futures, following a 4.6% rally in the previous session. This volatility in the Chinese market adversely impacted sentiment towards companies like PDD Holdings, contributing to the pre-market plunge in its stock price.
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