(Reuters) – Shares of hump-hailing company Lyft Inc fell as mighty as 10.5 percent on Monday, below its initial public offering put of $72.
The company debuted on Nasdaq on Friday, opening at $87.24, over 21 percent above its IPO put.
Brokerage Guggenheim Securities started coverage on the stock with a ‘neutral’ rating, citing lack of visibility on the sprint to profitability.
Shares of the company had been shopping and selling down about 9.5 percent at $70.81.
Reporting By Aparajita Saxena in Bengaluru; Editing by Arun Koyyur