Facebook Inc’s shares opened below their US$38 issue price as support from underwriters of the initial public offering dissipated after its Friday debut.
The stock fell 11.04 percent to hit a session low of US$33.91 in early trading.
The social networking company’s debut was marred by a shaky opening on the Nasdaq that will be reviewed by the Securities and Exchange Commission and a falling share price, which forced lead underwriter Morgan Stanley to defend the US$38 price level by purchasing shares on the open market.
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