New Delhi, June 18 -- SpaceX is demonstrating that even the biggest initial public offering in history is not shielded from the sharp swings that often accompany newly listed companies.

Shares of Elon Musk's aerospace, satellite and artificial intelligence firm declined for a second consecutive session on Thursday, falling as much as 10% during intraday trading after losing nearly 5% a day earlier. Despite the recent pullback, the stock remains on course to finish its first full week as a publicly traded company roughly 28% above its IPO price of $135 per share.

Early enthusiasm among retail investors appears to be cooling. According to data from Vanda Research, individual investors who had been consistent buyers of SpaceX stock during ...