Shares of electric car maker Tesla continued to fall on Thursday after two straight sessions of declines, extending their losses to more than 9 percent, evaporating $37.6 billion overnight and falling below $400 billion, according tomedia reports.
At the close of trading on Thursday, Tesla was down $40.37, or 9.02 percent, at $407, down from $447.37 at the close of the previous session.
Thursday’s 9.02 percent drop was the biggest one-day drop since Tesla shares were split on Aug. 28, after falling 4.67 percent and 5.83 percent, respectively, in the previous two sessions.
Tesla’s market value also fell significantly on Thursday after the share price plunge. At Thursday’s close, Tesla’s market capitalisation was $379.246 billion, down from $400 billion, down $37.617 billion from the previous session’s close of $416.863 billion.
Thursday’s 9.02 percent drop means Tesla’s shares have fallen for three straight sessions, with only Monday’s gains in the four days since the split.
Tesla’s market capitalisation has fallen by more than $20bn in the three consecutive sessions, with $85,093m lost in three trading days.