GM shares plunge to new low

Shares of General Motors Corp. tumbled to their lowest level since 1933 yesterday as investors feared significant dilution of their stock values or bankruptcy as the company approached a June 1 restructuring deadline.

GM stock was briefly down to $1.09 US, and closed at $1.15 US, down 20 per cent on the day.

GM said six top executives sold 200,000 shares on Friday and Monday, including retiring vice-chairman Bob Lutz, who sold 81,360 shares at $1.61 each.