SoftBank’sShare price plunged 9% as investors cash out on positions in Asian technology stocks.

The conglomerate, which has invested billions into tech firms around the world, saw its share price drop as much as 9.8% to 4,652 Japanese yen ($40.39) on the Tokyo Stock Exchange — its largest fall fallen since March 2020.

SoftBank’s largest investments, which was the biggest in SoftBank’s portfolio, experienced a frustrating day of trading on the same day as its collapse. AlibabaThe share price of slipped by over 7% in Hong Kong’s stock exchange. The news comes amid reports of a deterioration in the stock market. SoftBank might not be able to sell U.K. chip designer ArmYou can find more information here NvidiaDue to ongoing regulatory investigations, the total amount is $40 billion

Elsewhere, Tokyo-headquartered SonyAlthough it has more income and revenue streams than SoftBank, its share price dropped as much as 8 percent. The company is also forecasting record profits for the year.

More broadly, Asia-Pacific markets On Thursday night, the markets were in red. Japan’s Nikkei 225 fell 3.3% while the Topix was down 2.3%. South Korea’s benchmark Kospi dropped 3.13% and in Hong Kong, the Hang Seng index and the Hang Seng Tech index dropped 2.56% and 4.61%, respectively. Chinese mainland shares were also down.

While many of the most well-known stocks in tech saw their market caps skyrocket in 2021, the trend isn’t continuing into 2020 with some companies seeing their valuations drop by tens to billions of dollars.

Markets around the world are reacting negatively the Federal Reserve’s indication on Wednesday that it could soon raise interest rates for the first time in more than three years.

U.S. stocks initially ralliedHowever, the sentiments changed overnight, even though there was no Federal Reserve news. U.S. stock futures fell Thursday morning, indicating a sharply lower open on Wall Street.

— CNBC’s Elliot Smith and Holly Ellyatt also contributed to this article.