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Analysts largely attributed the declines largely to tumbles in overseas stock markets, as the Dow Jones industrial average plunged more than 1,000 points Thursday, to sit 10 percent below its record-high of two weeks ago.

Analysts with the Bank of China (Hong Kong) called for particular attention to be paid to investment in new types of infrastructure facilities such as artificial intelligence, industrial internet and the Internet of Things.

Anand's business has been hard hit by the COVID-19 outbreak this year, with his sales declining by 50 percent year-on-year. However, he is still optimistic about his business and actively seeking new opportunities.

Analysts cited a variety of reasons for Wednesday’s sell off. Some blamed a potentially choppy earnings season ahead while others fretted about rising interest rates.

Analysts believe the prices will be propped up in the coming months as the country's electricity consumption braces for its seasonal peak.