Gaotu Techedu Slides 57 Percent On Reports Of New Tutoring Regulations In China

Gaotu Techedu Inc. (GOTU) shares are down more than 57 percent on Friday morning trade after the online tutoring services provider in China said it has not received official notification about the new regulations in China concerning after-school tutoring services. The company said it won't comment on market speculations.

Media reports had said the regulation, yet to be published, might have an impact on the after-school tutoring system.

Currently, shares are at $4.09, down 57.25 percent from the previous close of $9.58 on a volume of 39,330,108. The shares have traded in a range of $3.71-$4.25 on average volume of 9,335,815.

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