| DETROIT, April 10
DETROIT, April 10 Investors' concerns about
ongoing turmoil at General Motors Co, linked to the
deaths of at least 13 people, could push the automaker's shares
below GM's $33 IPO price for the first time since last June.
GM shares on Thursday fell 32 cents, or 1 percent, to
$33.30. The stock last dropped below $33 on June 28 last year.
GM went through bankruptcy in 2009 and a took a $49.5
billion bailout mainly funded by U.S taxpayers, and returned to
the New York Stock Exchange in November 2010.
The Detroit-based company's shares hit a high of $41.85 on
Dec. 17, 2013, the week after the federal government sold the
last of its stake in GM. Since that day, they have fallen 20
Most of that loss came before Feb. 13 when GM announced the
first recall related to defective ignition switches. Its shares
closed at $35.20 that day.
GM has since raised the number of recalled vehicles to 2.6
million, most of them in the United States. The recalled
vehicles are all small cars that GM no longer produces.
The largest single-day drop in GM stock, of almost $2, came
on March 11, when it was reported that federal prosecutors were
examining whether the company was criminally liable for failing
to properly disclose the ignition switch defects.
GM on Thursday raised the charge it will take for
recall-related expenses to about $1.3 billion from a previously
announced $750 million.
(Reporting by Bernie Woodall; Editing by Ken Wills)