The stock plunged 12% to USD 6.88 at the close of Hong Kong trading on Friday, the biggest decline since the company launched its IPO.
Losses widened last quarter to USD 11.99 billion, compared with a USD 0.63 billion loss a year ago, reflecting the intense competition with Alibaba Group Holding.
Chairman and chief executive Wang Xing told analysts on a post-earnings conference call that he is taking more time to focus on the fundamentals.
The company has expanded at a breakneck pace into new businesses like ride-hailing and bicycle-sharing, while building up its market share in food delivery ahead of its USD 4.2 billion IPO in September.
Source: South China Morning Post
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