New Delhi, July 23 -- Shares of Elon Musk-led Tesla came under heavy selling pressure in Thursday's trade, July 23, plunging by 15% to around $319 apiece as the sell-off intensified after the electric vehicle maker reported weaker-than-expected quarterly earnings, hurt by a sharp rise in capital expenditure.

Alphabet, Google's parent company, also tumbled 8% despite reporting stronger-than-expected quarterly revenue and profit, as investors focused on the company's sharply higher artificial intelligence (AI) spending plans rather than its earnings beat.

As Tesla and Alphabet are among the largest constituents of the S&P 500 and Nasdaq, their sharp declines dragged the broader market lower, with the S&P 500 falling 1.55%.

Thursday's sel...