ADR BABA shares plunge 2.99% on worries over COVID wave

ADR BABA shares closed lower by 2.99% to $78.78 in Thursday's trading session. China's stock market has been slammed as a result of worries about a COVID wave.

Why is Nikola Stock getting hammered?

CNBC said COVID infections could reach as many as 65 million cases per week by the time the surge peaks at the end of June.

The respiratory disease specialist Zhong Nanshan shared data on the new wave of infections during a recent conference in Guangzhou, CNBC reported.

Zhong Nanshan, per CNBC, said that the wave, which commenced in late April, was expected, with his modelling suggesting a potential surge of around 40 million weekly infections in China. By June, the weekly number of infections would reach its peak at 65 million.

BABA's 52-week high is $125.84 and its 52-week low is $58.01 according to Benzinga Pro data.