Shares of SoftBank Group (T: 9984) are trading more than 15% lower compared to Friday as investors continue to offload their stakes in the Japanese giant. As a result, SoftBank stock price hit a 2-month low below 5500 today. 

Shares of SoftBank tumbled almost 3% in Tokyo today due to raised concerns among investors about risky investments the group has reportedly made in tech stocks lately. This week’s market selloff has erased nearly $12 billion in the giant’s market cap this week.

Investors are on their toes at the moment, closely monitoring the current circumstances which could indicate either a healthy market or the beginning of an even larger pullback. Softbank reported it owned $122.9 million worth of Tesla’s stock, which lost 4.8% on Tuesday after the selloff and was the worst-performing stock on the Nasdaq 100 Index Tuesday.

“Even more than SoftBank’s actual exposure, it’s the very act that’s disconcerting,” said Justin Tang, head of Asian research at United First Partners in Singapore. “Investors are very wary about ‘style drift.’ The question becomes ‘what are we investing in when we buy SoftBank? And is SoftBank a better investor than we are?’”

The Japanese conglomerate reportedly owned stakes in 25 of the largest tech companies in the world, with the approximate value of $3.9 billion as of June 30, according to a filing to the U.S. Securities and Exchange Commission (SEC) from August. 

Softbank’s largest investment was Amazon, where the company held stake worth $1.04 billion, followed by a $475 million stake in Google’s parent company Alphabet, in addition to significant stakes in Adobe and Netflix.

Invezz reported earlier a report in the Financial Times revealed that it was SoftBank, and not a hedge fund, that invested billions in tech stocks lately. 

Shares of Softbank hit a low of 5,432 yen in early trading before racing higher to close 2.87% in the red. This decline is in line with the overall sentiment in Asia as China’s Shanghai Composite (SHCOMP) lost 1.9%, and Nikkei 225 (N225) dropped 1%. Hong Kong’s Hang Seng Index (HSI) plunged 0.6% while Australia’s S&P/ASX 200, the worst-performing index in the region, lost 2.1%.

Softbank stock price managed to close above the 100-DMA (the blue line) although it traded below for a brief period of time. This indicator will continue to provide support near 5600 yen while the area around 6000 yen hosts resistance. 

Softbank Group was one of the worst performers in Asia as investors don’t like the fact that the Japanese giant made substantial investments in tech companies prior to the sector sell-off. The stock price lost over 15% in the past few days, printing a 2-month low. We advise staying away from this stock until the dust settles down.

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