The shares finished Monday at $28.02, losing 27%, or $10.13. Volume of 2.8 million was nearly six times the issue's trailing three-month daily average of around 500,000, and the heaviest trading the stock has seen since its August 12 debut. A recent run-up in the stock amid a rally in the online travel companies after Priceline.com ( PCLN) topped Wall Street's earnings expectations for an eighth straight quarter last week may have contributed to the depth of MakeMyTrip's plunge on Monday.
The stock was trading at around $32 before Priceline.com's report on Nov. 8, and it rose in three of the next four sessions leading into the release of its own numbers, getting as high as $39.60 on Friday. Names like Expedia ( EXPE), Orbitz Worldwide ( OWW) and Ctrip International ( CTRP) enjoyed similar run-ups, and all three were down about 3% on Monday. -- Written by Michael Baron in New York. >To contact the writer of this article, click here: Michael Baron. >To submit a news tip, send an email to: firstname.lastname@example.org