China stocks post biggest intraday fall in nearly a month as EV stocks drag

China shares closed lower on Wednesday, posting the biggest intraday loss in nearly a month, as electric vehicle stocks fell on news of a government investigation into the sector.

At the close, the Shanghai Composite index was down 1.19% at 3,362.33, the biggest slump within a day since Oct. 30. The blue-chip CSI300 index was down 1.28%, with its new energy vehicle sector sub-index lower by 2.16%, the consumer staples sector down 2.52% and the healthcare sub-index down 2.16%.