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Atlanta Braves—bad baseball team, worse stock

Erick Aybar of the Atlanta Braves cannot make a play on a hit by Wilson Ramos of the Washington Nationals (not pictured) in the second inning at Nationals Park on April 13, 2016 in Washington, DC.
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Erick Aybar of the Atlanta Braves cannot make a play on a hit by Wilson Ramos of the Washington Nationals (not pictured) in the second inning at Nationals Park on April 13, 2016 in Washington, DC.

Note to sports team owners: Don't float stock in your team when they have the worst record in their league.

Shares in a tracking stock representing Liberty Media's interest in the Atlanta Braves baseball team sank on Tuesday, continuing their plunge from Monday's first day of trading.

The stock opened at $36 on Monday, closed 40 percent lower and then shed another 9.5 percent Tuesday. Just over 10 million shares are outstanding.

Trading under the symbol "BATRA," Liberty Braves shares track John Malone's conglomerate's ownership in the team and its stadium development project.

As it happens, the Braves have the worst record in the young 2016 baseball season, at 3-9.

Sports stocks tend to be a rarity. The only other prominent example on U.S. markets is the English powerhouse Manchester United; its shares are nearly 20 percent off their peak this year.