The figure of $31.91 is 3.4 percent lower compared to the previous day and is down 16.5 percent for the week earlier. The company lost more than $19 billion in market capitalization from its $38-per-share offering previous week.
The shares had begun trading publically on Friday after one of the most anticipated IPO of a Silicon Valley firm. The shares were valued at the top of a projected range, which was already once increased by the company. Facebook’s stock opened last Friday at $42.05 and fluctuated between $45 and $38 during the day. However, the shares have been falling since, mainly due to certain issues with the IPO.
Two senior U. S. financial regulators had said recently that the issues in the Facebook IPO must be reviwed The calls for a review have put additional pressure on Mark Zuckerberg-led company, Morgan Stanley, which is its lead underwriter and the Nasdaq stock exchange.
Facebook had asked analysts working for some of the 33 underwriters to lower their estimates ahead of the IPO, according to sources closer to the matter. Analysts said that the company did not forecast its figures right and thus asked analysts to revise their analysts. The company had issued a revised prospectus on May 9 with warnings over the negative impact of users shifting to mobile platforms.
Facebook was aiming for a market value of as much as $96 billion and had offered shares at $28 to $35 each for its IPO. The shares began trading on Nasdaq Stock Market with the ticker symbol FB on Friday.