New Delhi, June 19 -- Investors who purchased SpaceX shares in the open market following the company's blockbuster stock market debut have seen most of their paper profits evaporate after a steep decline erased a significant portion of the stock's early rally.

SpaceX shares dropped 3.6% on Thursday to around $184.98. The stock's five-day volume-weighted average price (VWAP) stood at $181.71. VWAP, a commonly tracked market indicator, reflects the average price at which a stock has traded over a given period while factoring in trading volumes, helping investors assess overall market positioning.

The latest trading levels indicate that investors who bought the stock after its IPO are now, on average, close to breakeven.

Following its pub...