Tesla share price climbs, rebounding from Tuesday’s record plunge

Tesla share price stages some form of recovery a day after plummeted 21%.
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| Updated on: 09 Sep 2020, 10:29 PM
Tesla CEO Elon Musk pictured. (REUTERS)
Tesla CEO Elon Musk pictured. (REUTERS)

Tesla Inc. shares rose on Wednesday, clawing back a fraction of the value it lost a day earlier when the electric-vehicle maker’s stock suffered its worst one-day decline in its history.

(Also read: How Elon Musk lost record $16.3 billion in a day)

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The car company led by Elon Musk plummeted 21% on Tuesday -- its biggest drop since going public in 2010 -- after it was passed over for inclusion in the S&P 500 Index Friday. The slump, which came amid a widespread selloff that saw tech firms leading the declines, wiped out $82 billion in Tesla’s market value.

(Also Read: How Lucid Motors plans to spin Tesla-killing strategy out of Air electric sedan)

The Nasdaq 100 Index was also recovering Wednesday, adding 2.2%. Tesla gained as much as 8.4% to $357.88 in New York. The stock has quadrupled this year. The company has overcome production snarls and posted its fourth consecutive profitable quarter. It also received a boost amid optimism for its Battery Day event later this month.

First Published Date: 09 Sep 2020, 08:22 PM IST
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