Newly public Lytus Technologies ( NASDAQ: LYT ) stock sank another 19% on Wednesday, with shares trading 88% below the 52-week high they hit on Monday.
Shares of Lytus ( LYT ), which provides streaming and telemedicine services in India and the US, opened at $6.35. The stock hit a session low of $5.55 in mid-morning, recently changing hands at $5.69, down 19%, at approximately 1:15 p.m. ET.
Lytus ( LYT ) shares cratered on Tuesday , spiraling to close 85% lower at $7 per share after hitting a 52-week low of $5.15. The stock was halted more than 20 times for volatility during the session. The drop came amid no apparent news or press release from the company.
The stock’s collapse occurred one day after it hit a 52-week high of $47.06 on June 27.
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".
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Lytus shares fall another 19%, trading 88% below 52-week high hit earlier in week