Shares of Yahoo Inc tumbled 21 percent in pre-market trade on Monday after Microsoft Corp withdrew its $47.5 billion takeover offer for the Internet search and media company.
The decline also followed Citibank’s downgrade on Yahoo shares to “sell” from “buy”.
The stock tumbled to $22.65 on Monday morning. The shares rose nearly 7 percent to $28.67 on Friday on hopes of an agreement between Microsoft and Yahoo.
Yahoo shares fell 15 percent to $24.37 by market close today.
Source: Reuters
