New Delhi, June 29 -- Shares of Elon Musk's SpaceX, which made a record-breaking debut on Wall Street earlier this month, have failed to sustain their initial momentum, erasing all of their post-listing gains. The sharp correction has pushed IPO investors into the red and clouded the stock's near-term outlook amid heightened volatility in technology stocks.

The initial euphoria surrounding the stock has faded, dragging it 32% below its post-listing peak to around $153, just above its opening price on the company's trading debut on June 12. Nevertheless, the stock still remains 13.3% above its IPO price.

In the previous session, the stock slipped below the $150 mark, touching an intraday low of $148.51. Despite the recent correction, it ...