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| GM shares plunge 32%; NYSE to delist auto maker's stocks |
| Press Trust of India / New York Jun 01, 2009, 20:56 IST |
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Shares of General Motors (GM) plunged 32 per cent in the first half-an-hour of trading today after the company filed for bankruptcy.
The New York Stock Exchange (NYSE) has said that stocks of the auto maker would be delisted from the bourse before trading opens on June 2.
The GM scrip, which has already slipped below the $1-mark, was trading at just 51 cents today after reaching an intra-day low of 27 cents.
At the current share price, the car maker has a market capitalisation of little over $344 million. The latest figures reflects the precarious position of GM, since the entity had a market valuation of about $11 billion just a year ago.
Shares of the company closed at 75 cents, the lowest in more than 70 years, on Friday.
Terming that auto maker is "no longer suitable for listing", the NYSE in a statement said it has determined that the "common stock of General Motors... Should be suspended prior to the opening on June 2, 2009".
"This decision was reached in view of the June 1, 2009 announcement of a voluntary filing by the company and three domestic subsidiaries for relief under Chapter 11 of the US Bankruptcy Code with the United States Bankruptcy Court in the Southern District of New York," the bourse noted.
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