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.

AstraZeneca’s stock price dropped by 8.4% during Tuesday’s trading in London after a report fueled fears of a potentially escalating insurance fraud investigation in China. | AstraZeneca’s stock price dropped by 8.