Investing.com– American-listed shares of JD.com Inc (NASDAQ:) tumbled in aftermarket trade on Tuesday after Bloomberg reported that supermarket chain Walmart plans to sell its stake in the Chinese e-commerce giant.
JD’s American Depository Receipts slid more than 9% to $25.50 in after-hours trading, hitting an over two-week low.
Walmart Inc (NYSE:) is seeking to raise about $3.74 billion by selling its stake in JD.com, Bloomberg reported on Tuesday. The U.S. firm is offering 144.5 million shares at a range of $24.85 to $25.85 a share, the report said.
The report largely undermined gains in JD shares from last week, where the stock rose sharply on stronger-than-expected earnings for the June quarter.
But the company continues to face increased headwinds from sluggish demand in China, its biggest market. Weakening sales also sparked increased competition with e-commerce rivals Alibaba Group Holdings Ltd (NYSE:) and PDD Holdings Inc (NASDAQ:).
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