AstraZeneca shares recorded their biggest one-day drop since March 2020 on Tuesday following a report that dozens of senior executives at its China unit could be implicated in the largest insurance fraud case in the country's pharma sector in years.

AstraZeneca Plc shares plunged in London, erasing about £14 billion ($18 billion) of market value, amid escalating concerns over a Chinese probe into the UK drugmaker.

Key Takeaways AstraZeneca shares declined Tuesday after reports that senior executives in China were potentially implicated in an insurance fraud case.AstraZeneca China President Leon Wang is cooperating with Chinese authorities,