GM shares fall below IPO price for the first time since 2020

• Shares of the automaker plunged 7.8%, closing at $32.28 per share

General Motors Co (NYSE: GM) shares on Monday fell below its $33 initial public offering price for the first time since October 2020.

Shares of the automaker plunged 7.8%, closing at $32.28 per share. GM shares have fallen about 45% this year, amid fears of recession due to rising inflation.

During the pandemic, several automakers posted record profit amid high demand and short supply of vehicles due to semiconductor shortages.