New Delhi, July 17 -- SPCX) touched $132.28 during the session, trading below the $135 price that millions of retail investors paid on June 11 in the largest initial public offering in stock-market history. The stock recovered to close at $135.27, but the intraday breach was the first time SPCX has traded below its offer price since debuting with a 17.3 percent first-day gain.

The move extends a selloff that has erased roughly 40 percent of SpaceX's peak value. Shares reached $225.64 in mid-June, two weeks after the IPO, giving the company a market capitalisation of nearly $2.6 trillion. Wednesday's close at $135.27 implies a market cap near the $1.75 trillion fully diluted valuation at which the IPO priced. Elon Musk's personal fortune,...