Rivian stock falls by as much as 18% to mark its first stumble since the company’s IPO

Rivian Automotive Inc. stock fell by as much as 18% Wednesday to mark its first stumble since it took Wall Street by storm last week in the year’s biggest initial public offering and one that was among the largest U.S. deals in nearly three decades.

Rivian RIVN shares pared some losses, and were down 14% at last check. That has brought the electric-vehicle maker’s valuation to $127 billion, down by about $20 billion from Tuesday, when the stock rallied 15%.

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