(Reuters) – GameStop Corp’s stock fell further at the start of Tuesday’s trading, continuing a drop that has caused the video game retailer’s stock to plummet one-third of its value so far this week.
The company’s stock fell 16.4% to $ 184, on the way to its worst weekly performance since the beginning of February, with a drop of more than 30% since closing Friday.
Other meme stocks, popular with online retailers, fell early on Tuesday, with movie operator AMC Entertainment Holdings Inc falling 8.6%, while headphone maker Koss Corp fell 7, 1%.
GameStop continues to retain a legion of devoted followers after a social media frenzy in January triggered a sharp rise in which its shares rose more than 1,600%, in a short squeeze that rocked hedge funds like Melvin Capital.
Aaron Saldanha’s report in Bengaluru; Edition of Shounak Dasgupta