Shares of high-end electric sports car maker Tesla Motors Inc. reached new lows Wednesday in their reversal from a big run-up following the company's initial public offering last week.
Tesla shares fell 93 cents, or 5.8 percent, to $15.18 in afternoon trading. The latest drop came a day after the company slipped below its IPO price of $17 per share. The stock briefly traded below $15 after midday.
The copmany's shares surged as high as $30.42 last week as investors considered Tesla's role in the future of alternative-fuel vehicles.
Analysts have said the stock drop shows investors are worrying that the company, which hasn't turned a profit since its founding in 2003 and has sold only about 1,000 cars, was overvalued.
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