SoftBank shares fall after Alibaba lists in New York

Proxy buying loses steam as more investors take direct market route

SoftBank Corp fell the most in seven months after Alibaba Group Holding Ltd went public, as investors who were buying the Japanese carrier as a proxy for the Chinese company could now purchase Alibaba shares directly.

SoftBank, the biggest shareholder in the e-commerce company with about one-third of its equity, tumbled 6.1 percent to close at 8,207 yen ($75.30) in Tokyo for its biggest drop since Feb 3. Japan's third-largest carrier had gained 29 percent between Aug 8 and Alibaba's listing in New York on Friday.