VinFast skids for third day after debut boom

VinFast shares slumped for a third straight session on Friday, with the Vietnamese electric automaker losing nearly half of its market value over the past two days after a blowout Nasdaq listing this week, reports Reuters.

The stock was down 23 per cent at $15.40, slipping below the opening price of $22 on Tuesday when it had surged up to $38.78.

It is now on track to fall about 60 per cent from its peak, bring down the value of the loss-making company to $35.7 billion, compared to $85 billion in its Wall Street debut.

With about 99 per cent of the firm controlled by founder Pham Nhat Vuong, the small amount of publicly available shares makes the stock prone to volatility.

The company, which has struggled to retain senior executives and has an ambitious target of selling 50,000 electric vehicles this year, is shifting to a new "hybrid model" for sales, bringing in distributors and dealers for overseas markets.

Several US dealers contacted by Reuters have said they are open to the idea, but some analysts remain skeptical.