Berkshire Hathaway shares fall 99% after technical glitch shows ‘incorrect readings’

Shares of Warren Buffett’s Berkshire Hathaway Inc. fell 99% in a dramatic fall at the start of trading on Wall Street. The New York Stock Exchange has attributed this to a technical glitch and trading has been halted in the stock. The ‘Class-A’ shares of Berkshire Hathaway, 38% of which are owned by the firm itself, are showing this reading.

In a recent update, the New York Stock Exchange said that it is investigating a technical issue related to the upper and lower limits on stocks, which are mechanisms to halt stocks for excessive volatility.

Apart from Berkshire Hathaway, shares of Barrick Gold and Nuscale Power have also witnessed dramatic falls.

This is the second time in a week that a glitch has halted trading on the US markets. Last Thursday, a glitch prevented prices from being printed on the S&P 500 after the Dow Jones had trouble disseminating the information.

The problem was supposed to have been fixed before noon that day, according to the index operator. The root cause for the same is being investigated, just as that for Monday’s incident.

There were less than 4,000 recorded trades for the day in Berkshire’s affected Class-A shares when trading was halted. Trading continues in the Class-B shares, which are down by a percent.

Berkshire Hathaway’s original Class A shares have one of the highest prices on Wall Street. Last week, one Class A share sold over 45% higher than the average price of a home in the US.

Berkshire issued Class B shares in 1996 at a price equal to one thirtieth of a Class A share to cater to smaller investors wanting a small piece of the Buffett’s performance.

This is a developing story. With Inputs From Agencies.