The company saw its shares get pummeled for the second straight session in a selloff that has knocked almost $116 billion off the tech giant's Hong Kong listed shares that came to spy Alibaba on Monday, announcing it was increasing its share buyback program from $6 billion to $10 billion.

What would have been good news for investors failed to ease their concerns after Chinese regulators announced last week the launch of an antitrust probe into Alibaba and said they would summon its Fintech affiliate Ant Group to meet putting investors.

More on edge was news over the weekend that China's central bank had asked and to shake up its lending and other consumer finance operations.

Last month, Chinese regulators abruptly suspended Ants Blockbuster $37 billion initial public offering in Shanghai and Hong Kong, which was on track to be the world's largest.

They suspended it just two days before its planned debut.

Alibaba's U.