China fines e-commerce giants

China's State Administration for Market Regulation (SAMR) has fined e-commerce giants Alibaba Group and Tencent Holdings $ 76,500 for conducting some business transactions without permission, Report says, referring to foreign media.

According to SAMR, in 2017, Alibaba increased its stake in Intime Retail Group to 73.8% without the state's knowledge, while Tencent Holdings acquired New Classics Media without government approval. In doing so, the companies violated the country's anti-monopoly laws.

Shares of e-commerce giants on international stock exchanges fell by 2.6% after the news of the fine.