Lyft shares skid below IPO price in first full trading day

NEW YORK (AP) — Lyft’s shares have slumped almost 12% in their first full day of trading following the ride-hailing company’s initial public offering of stock.

The shares closed Monday down $9.28 at $69.01. That’s below the San Francisco-based company’s IPO price of $72.

In their stock market debut Friday, the shares hit $88.60, up 21%, before giving ground by the end of the day.

The ride-hailing company has consistently lost money, raising doubts about its overall valuation. Even so, some investors were wowed by the company’s growth in the past two years.

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