GM's stock closed the day down 2 percent to $21.71, marking the stocks lowest price since the Detroit automaker went public last November. The results could have been even worse as GM shares fell to as low as $21.18 in early trading.
GM priced its IPO at $33, but the stock has been on a rollercoaster ride since then. The stock hit a high of $39.48 earlier this year, but today's closing price represents a 34 percent decline since that November IPO.
GM recorded a strong second quarter - posting a $2.5 billion profit - but investors seem to be more concerned about cooling auto sales and the possibility of a double-dip recession.
GM's Wall Street woes aren't a good sign for American tax payers as the government still owns 500 million shares of the Detroit automaker. At current prices the government would lose about $16 billion on its GM bailout, with a target price of $53 needed just to break even. However, investors recently reduced GM's outlook from $40 per share to $36.50.
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