The price of Buffett's Berkshire Hathaway Class A shares showed a near 100% plunge due to a technical glitch on the New York Stock Exchange (NYSE) on Monday, causing market chaos. The unexpected drop triggered trading halts on several stocks.

Berkshire Hathaway plummeted 99%!

On U.S. stocks Monday morning, investors saw BERKSHRE CL A (BRK.A) price showing a near 100% drop. The incorrect price display is the result of a technical glitch within the NYSE trading system.

The technical issues also affected shares of Barrick Gold and NuScale Power, which also suffered sharp and unexpected declines. The NYSE suspended trading in these stocks as a precautionary measure to prevent further market disruption and potential financial losses to investors.

Technical issues under investigation

At 10:11 a.m. ET, the NYSE issued an update saying it was investigating the root cause of the technical issue. The problem has to do with limiting upper and lower bands, which are designed to halt trading if a stock experiences excessive volatility. These mechanisms are critical to maintaining market stability, but failures caused them to malfunction, triggering false price declines.

BERKSHRE CL A (BRK.A) had fewer than 4,000 trades before the trading halt, a relatively low volume that suggests the issue was quickly identified and dealt with.

This article News | Berkshire Hathaway plunges 99%! Technical glitches on the New York Stock Exchange caused violent fluctuations in stock prices first appeared on Chain News ABMedia.