New York: Shares of social networking site Facebook Monday plunged over 11 percent below its issue price of USD 38 apiece.
The scrip opened at USD 36.53 apiece on Nasdaq in the second day after listing. In the first hour of trading, shares were trading at USD 34.02 per share, down 11.05 percent from the previous close.
Facebook's long-awaited stock market debut on Friday, did not live up to expectation as the social network's shares closed the first day at USD 38.23, up only by 0.61 percent from the USD 38 offer price.
Although, it had surged to an intra-day peak of USD 45 apiece on last trade.
Market analysts had termed the Friday's listing of Facebook's shares a bit surprising and disappointing.
The social networking giant has a market capitalisation of USD 91.40 billion.
First Published: Monday, May 21, 2012, 20:38