Tesla shares fall below offer price of $17

Shares in electric car firm Tesla have fallen below their offer price, a week after trading began in New York.

The shares hit a low of $15.83 during Tuesday's trading, dipping under the offer price of $17 for the first time since their debut on 29 June.

The loss-making producer of the $100,000 Roadster enjoyed a strong start last week.

Shares proved popular with investors, hitting a high of $23.89 on the first day.

Analysts put the fall in the niche firm's shares down to persistent nervousness about the faltering nature of economic recovery around the world.

Its initial sale of shares raised $226m (£150m) from investors, $40m more than had been predicted.

It was the first US car company to float since Ford went public in 1956.