Stock Market Live Updates: JD.com shares fall 13%, hits record low; banks cut Q3 growth target on retail slowdown

Shares in Chinese e-commerce giant JD.com fell as much as 13% to a record low on Friday after several banks and brokers cut price targets and revenue growth forecasts for the firm, citing a weaker-than-expected recovery in consumer spending.

The brokerages and banks including Citi, Daiwa and Jefferies, which issued notes to clients on Thursday and Friday with the revised estimates.

JD.com, which is listed in Hong Kong and the United States, is expected to report quarterly financial data in mid-November following China's main online shopping festival, Singles' Day.

Shares in JD.com, which is also China's largest home appliance retailer, closed at their lowest level since their June 2020 debut.