Google share price plunges, wiping $70bn off its market value

Biggest fall since October 2012 follows worse-than-expected quarterly results

Google's share price has had its biggest fall in nearly seven years, wiping $70bn (54bn) off its market value, after disappointing sales figures sparked investor fears that advertisers have been shifting their business to digital rivals such as Facebook and Amazon.

Shares in Alphabet, the parent company of Google and YouTube, fell at one point by more than 8% on Tuesday, the biggest fall since October 2012, after the company produced first quarter results on Monday that were worse than expected.