$71 billion wiped out of market cap of Singapore's Grab and Sea in 3 months

Singapore's two largest new-economy companies have lost a combined $71 billion from their market capitalisation this year. While shares of ride-hailing company Grab have more than halved in the last three months, technology giant Sea's stock price has plunged by 46%. Sea-owned Shopee recently shut down India operations, whereas its Free Fire game was banned by the Indian government.