MarketWatch reports Tesla stock falls even farther after recall of 123,000 Model S cars.
Tesla Inc. finished off its worst month in seven years with the news late Thursday that the electric-auto maker is recalling 123,000 Model S vehicles due to a potential flaw in a power steering component.
Investors continued to punish Tesla in after-hours trading, with the stock more than 3% in the red, giving back the day's regular-session gains of 3.2%, when it closed at $257.50. Tesla stock is down 23% in the past month, as the S&P 500 index SPX, +1.38% has fallen 4%. Markets are closed Friday in observance of Good Friday.
The recall of the Model S vehicles is due to a bolt that could corrode, an issue that occurs in cars built before April 2016, and in winter conditions where roads are frequently salted, the company said. Just 0.02% of the cars ever experience the problem, Tesla said.