BEIJING: 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%.

Its financial sector sub-index was lower by 0.25% while the real estate index slipped 0.19%. The smaller Shenzhen index ended down 1.65% and the start-up board ChiNext Composite index was weaker by 2.216%. China’s state planner has told local governments to investigate new energy vehicle projects linked to property developers Evergrande Group and Shenzhen Baoneng, according to a document seen by Reuters.