Companies

Renren shares trade below offer price

(Crienglish.com)
Updated: 2011-05-12 16:21

Shares of social China's networking site Renren have now fallen below its initial offering price of $14, reversing all the gains it made in its market debut.

Related readings:  Renren shines on US debut; analysts wary  Renren audit chief quits ahead of IPO

Renren's shares had gained 24 percent when it debuted last week on the New York Stock Exchange.

However, it has since been pummelled everyday, with investors said to be worried about how the company's books are managed.