Alibaba under IPO price as China stocks dive

Tech stocks sold off sharply on Monday, but ended off their lows of the day, with China-related stocks like Alibaba enduring some of the worst scorching.

China's Shanghai composite index experienced its biggest one-day drop since 2007, plummeting 8.7%.

Alibaba BABA shares fell 3.5% at $65.80, under its IPO price of $68. Last September, Alibaba electrified U.S. stock markets with the launch of its initial public offering and reached as high as $120 in November.

As for other Chinese companies, web services firm Baidu BIDU -- which trades on the Nasdaq -- fell more than 7%, while telecommunications giant China Mobile Limited CHL lost 8%.

Shares of U.S. companies with big markets in China have been particularly vulnerable during the past week's selloff. Apple AAPL was down nearly 2% after opening the day below $100, but then bounced back in midday trading. The potential impact of the Chinese economy prompted Apple CEO Tim Cook to release a statement to CNBC that the tech giant is still enjoying "strong growth" in the region.

Apple closed down 2.5% at $103.12.

Social stocks were hit hard in Monday trading before recovering midday. Facebook FB shares ended down 4.6%. Twitter TWTR dropped 2.7% and professional social network LinkedIn LNKD sunk nearly 4%. Google GOOG shares fell 3.7%.

The slide in tech stocks was part of a larger, brutal day for Wall Street. The Dow Jones Industrial Average opened down more than 1,000 points, pared losses midday, then closed 600 points lower. The Nasdaq closed down 3.8%.

Follow Brett Molina on Twitter: @brettmolina23.