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| GM to go bankrupt, shareholders lose $10 bn |
| Press Trust of India / New York Jun 01, 2009, 18:49 IST |
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As the century-old auto maker General Motors negotiated many a road block in the past one year, investors bore the brunt of the financial rage as they became poorer by a staggering more than $10 billion.
General Motors is now worth just a few millions in stock valuation whereas the auto maker boasted of a market capitalisation of nearly $11 billion, exactly a year ago.
With the iconic auto maker all set to steer itself into bankruptcy, each share of the company is just than a penny in value. At the closing of the market on May 29, the scrip of General Motors was available for as low as 750 cents and the market capitalisation stood at $457.2 million.
During the past one year, the beleaguered car maker had touched a high of $18.18, pushing the market worth to as high as $11 billion.
The steep slide in share prices in one year has seen investors lose paper wealth to the tune of more than $10 billion.
The stock price of 750 cents on May 29 is also the all-time low for the company in more than 70 years.
Faced with massive losses and adverse economic situation, the US has pumped in over $20 billion into the auto maker.
Started in 1908, General Motors which has weathered World Wars and the Great Depression, is to take another turn in its historic journey - that of bankruptcy protection.
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