India, July 15 -- Lucid Group's stock fell sharply on Tuesday after a report claimed the electric vehicle (EV) company is looking at major options to deal with its financial problems. The report said Lucid is working with a restructuring adviser to review its future plans. One of the options being considered is filing for bankruptcy protection under Chapter 11.

Another option being explored is taking the company private instead of remaining publicly listed. After the report was published, Lucid shares dropped by as much as 55% during trading, according to Bloomberg. Lucid saw the biggest dip in its stock after a major intraday stock crash, leading to a market volatility that temporarily led to trading halts.

Lucid declined to verify or ...