SoftBank Drops to Two-Year Low as Alibaba Stake Value Falls
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SoftBank Group Corp. dropped to the lowest in two years as the market values of its biggest U.S. holdings, Alibaba Group Holding Ltd. and Sprint Corp., plunged.
Billionaire Masayoshi Son’s mobile carrier and Internet investment company fell 6.3 percent to close at 5,874 yen, the lowest since July 2013. The slump came on the first Japanese trading day after the lockup on Alibaba shares was lifted one year after its initial public offering.