(Yicai Global) July 27 -- Meituan has seen its stock plummet over 20 percent in the last two days after the Chinese on-demand food delivery giant, which has recently been the subject of a number of anti-trust probes by regulators, found itself at the center of another storm when authorities stepped in to protect the interests and rights of deliverymen.

Meituan’s stock price [HKG:3690] was trading down 12.9 percent at CNY205.50 (USD32) today. Yesterday it plummeted 13.76 percent. Over the last two days, the Beijing-based company has seen CNY400 billion (USD61.7 billion) wiped off its market valuation.

Food delivery platforms must pay their couriers at least the minimum wage, the State Administration for Market Regulation, the Ministry of Commerce and five other government agencies said in a joint document yesterday. And they must stop using rigid algorithms that set the deliverymen impossible delivery times and number of orders to be met.

Meituan, which hires four million couriers, will continue to improve the welfare and safety of its deliverymen, the company said yesterday. Rival Ele.me, which employs around three million, issued a similar statement.

These sites use algorithms to get the most out of the deliverymen, shortening delivery times and putting them under enormous pressure and at risk of causing traffic accidents, the People reported in September last year, setting off a storm of criticism.

Editor: Kim Taylor