Tesla shares plunged by 21 percent on Tuesday in the biggest one-day loss ever for the stock, CNBC notes. Tesla shares soared recently ahead of the electric-car company's recent 5-to-1 share split, with its market value surpassing that of some leading rival automakers, including Toyota and Volkswagen. But Tesla's fortunes reversed after the committee that adds companies to the S&P 500 index passed over Tesla on Friday, picking up e-commerce site Etsy and automatic test equipment maker Teradyne instead.
Many investors expected Tesla to make the cut this quarter after reporting its fourth straight profitable quarter in July. The stock dropped by 7 percent in after-hours trading on Friday after the news broke, and U.S. markets were closed Monday for the Labor Day holiday.
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