New (York) - Google’s stock was hit by what appears to have been massive "erroneous trading" that caused the stock to drop from a $380 Monday close to as low as $25.80 in late Tuesday trading. The drop happened within the final five minutes of the trading day.
The share price began to recover almost as quickly as it fell and close at $320, down $60.50 and more than 17%. Over the course of the day, Google shares were trading in the $395 - $420 range. Preceding the dramatic 93.3% drop, the stock climbed to $488.92 at around 3:55 PM EDT.
At 3:57 PM, the share price rose back to slightly above the $400 mark, but fell back to the closing price of $320.50.
Nasdaq quickly reacted to the incident and said that it is was investigating "potentially erroneous transactions" of Google’s shares. The organization asked traders to review their trades for “potentially erroneous trades and request adjudication.”
Google shares quickly recovered in after-hour trading: The stock was up more than 28% or $91.50 to $412 at 6:00 PM EDT.
Google’s stock has had a rough ride since early May, when shares were trading the $600 neighborhood. Shares hit an all-time high of $747.20 in November of last year.
The share price began to recover almost as quickly as it fell and close at $320, down $60.50 and more than 17%. Over the course of the day, Google shares were trading in the $395 - $420 range. Preceding the dramatic 93.3% drop, the stock climbed to $488.92 at around 3:55 PM EDT.
At 3:57 PM, the share price rose back to slightly above the $400 mark, but fell back to the closing price of $320.50.
Nasdaq quickly reacted to the incident and said that it is was investigating "potentially erroneous transactions" of Google’s shares. The organization asked traders to review their trades for “potentially erroneous trades and request adjudication.”
Google shares quickly recovered in after-hour trading: The stock was up more than 28% or $91.50 to $412 at 6:00 PM EDT.
Google’s stock has had a rough ride since early May, when shares were trading the $600 neighborhood. Shares hit an all-time high of $747.20 in November of last year.