SINGAPORE, Oct. 16 -- Singaporean sovereign wealth fund, GIC, has sued Chinese electric vehicle maker Nio Inc in a US court, accusing the company and its top executives of violating securities laws by artificially inflating revenues.

The lawsuit, filed in the Southern District of New York, names Nio, its CEO Li Bin, and its former CFO Feng Wei as defendants. Following the news, Nio's shares plunged as much as 10 per cent in Hong Kong and 9.8 per cent in Singapore today, Bloomberg reported.

GIC alleges that Nio made "materially false and/or misleading statements" about its relationship with an affiliated battery company, Weineng.

The suit contends that Nio improperly booked revenue by selling batteries upfront to Weineng, even though en...