Tesla shares sink below the price at which it entered S&P 500 index

Tesla Inc. shares wiped out their year-to-date gains Tuesday and traded below the level where they were when the electric-carmaker entered the S&P 500 Index in December.

The stock dropped as much as 12% to $627.10 in New York on Tuesday, its biggest intraday decline since Sept. 8, after falling 8.6% on Monday. The stock is now down 30% from its Jan. 25 record intraday high.

Tesla’s early-week decline amid a wider market selloff was fueled in part by Chief Executive Officer Elon Musk’s comments over the weekend that the prices of Bitcoin and smaller rival Ether “do seem high.”