Revlon Inc. shares lost more than half their value in early trading Friday after the New York Stock Exchange made the beauty products company’s delisting official, deflating a surge of market interest that followed its chapter 11 bankruptcy filing in June.
Shares fell by more than 50% to less than $2 after the NYSE said Thursday that it had denied Revlon’s appeal to stay listed on the Big Board. The stock is now expected to trade over the counter, according to the company, which was trading around $2 when it filed for bankruptcy but soared more than 400% the following week. It has since closed at prices approaching $9, despite its financial strains.
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