Tesla shares plunge below Lutnick’s ‘never this cheap’ level

Tesla Inc.’s stock extended losses Monday, dropping below a price at which Commerce Secretary Howard Lutnick predicted they’d never fall to again.

The shares plunged as much as 9.2% to $217.41 as of 9:41 a.m. in New York, amid a broader selloff in global equity markets. Lutnick said during a Fox News interview on March 19 — when Tesla closed at $235.86 — that viewers should buy the stock, saying “it’ll never be this cheap again.” Chief Executive Officer Elon Musk told Tesla employees...