By Aled Herbert, 15 March 2000 12:00
NEWS Shares in online travel retailer, Lastminute.com, plunged this morning, wiping £100m off its market cap after it reached an opening day high of almost £800m. At 10:10 GMT, the company's share price had dropped to 395p, just 15p above its opening price of 380p, a fall of almost 17 per cent from Tuesday's close of 487.5p. Stock volumes were small, with just 1.3 million shares traded by 10:15 GMT compared with 21 million during the first day frenzy. Some 200,000 retail investors were allocated 35 shares each - 20 per cent of the total volume on offer. Traders have attributed the fall to a tide of media criticism that questioned whether the immense valuation was justified on a company less than two years old and which has yet to report a profit-making quarter.
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