New Delhi: With Facebook shares stock dropping around 7 percent to below USD 38 IPO on the second day of trading as a public company on Monday, the social networking site suffered humiliating experience as the debutant in share market.

The world’s largest social networking site was the sought after initial public stock offerings ever, and now serves as a frontrunner for other social media companies. Investors and technology industry body are closely watching the Menlo Park, California, company's shares.

Facebook's market entry on Friday suffered some glitches, with trading on the Nasdaq delayed for half an hour. The stock closed on Friday just 23 cents above where it priced on Thursday night, when many investors had hoped for a huge opening for the first-day. Facebook Inc's stock slipped USD 2.62 to USD 35.61 on Monday.

Commenting on the issue, the CEO of NASDAQ Bob Greifeld said the stock exchange is "humbly embarrassed" by its bungling of Facebook's much anticipated debut as a public company on Friday.

Robert Greifeld told reporters there's no indication the delay contributed to the underwhelming performance of Facebook's stock, which ended at USD 38.23 - 23 cents above where it began.

Facebook's stock was likely to begin trading at 11am but didn't open until 11:32 am, putting some investors in catch-22 situation for hours whether their orders went through or not.

Greifeld termed the social network's first day of trading as successful. He said late order cancellations caused a glitch, according to reports published on Sunday. He said Nasdaq's board met on Saturday and decided to change its IPO auction process. The Securities and Exchange Commission is investigating into the matter informed industry body executive.

JPN

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