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Shares of newly public Lytus Technologies (NASDAQ:LYT) continued their downward spiral on Thursday, tumbling 22% in midday action to trade 91% below the all-time high reached on Monday.
Lytus shares opened at $4.59, hitting a high of $4.85 in mid-morning trading and then sliding to a low of $4.13. The stock recently changed hands at $4.23, down 22% at approximately 1:20 p.m. ET.
As of midday Thursday, Lytus stock had plunged 91% from the 52-week high reached on June 27 of $47.06. The drop has come amid no apparent news, press release or new SEC filing from the company.
Lytus (LYT) held a downsized IPO on June 15, raising around $12.4M after offering 2.6M shares for $4.75 per share. The stock soared during its market debut and had been gaining steadily until Tuesday.
For a more in-depth look at Lytus (LYT), check out SA contributor Donovan Jones's "Lytus Technologies Pursues $30 Million US IPO".