Lyft slips below IPO price on second day of trading

(Reuters) - Shares of ride-hailing company Lyft Inc fell as much as 10.5 percent on Monday, below its initial public offering price of $72.

The company debuted on Nasdaq on Friday, opening at $87.24, over 21 percent above its IPO price.

Brokerage Guggenheim Securities started coverage on the stock with a ‘neutral’ rating, citing lack of visibility on the path to profitability.

Shares of the company were trading down about 9.5 percent at $70.81.

Reporting By Aparajita Saxena in Bengaluru; Editing by Arun Koyyur

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