Tesla shares drop more than 8% to the lowest in nearly a year on fatal crash investigation

  • The National Transportation Safety Board posts on Twitter it sent two investigators to look into the fatal crash of a Tesla vehicle in California last week.
  • A negative analyst call from Citigroup also weighed on the stock, which has been under pressure this past one month.
  • "We have been deeply saddened by this accident, and we have offered our full cooperation to the authorities as we work to establish the facts of the incident," Tesla tells CNBC.

Tesla shares fell after the National Transportation Safety Board said it sent investigators to look into a fatal car crash last week in California, according to a post on social media.

A negative analyst call from Citigroup also weighed on the stock, which has been under pressure this past one month.

The NTSB's post on Twitter said: "2 NTSB investigators conducting Field Investigation for fatal March 23, 2018, crash of a Tesla near Mountain View, CA. Unclear if automated control system was active at time of crash. Issues examined include: post-crash fire, steps to make vehicle safe for removal from scene."

"We have been deeply saddened by this accident, and we have offered our full cooperation to the authorities as we work to establish the facts of the incident," Tesla said to CNBC.

Citi Research said Tuesday that its analysis of the company's Model 3 competition points to near-term risk for the stock.

Source: NBC Bay Area | KNTV

"We open a 90-day downside catalyst watch on Tesla shares," the report said.

Tesla shares declined 8.2 percent Tuesday to their lowest price since Feb. 2017. The stock is down 20.5 percent in the last one month.

Moody's downgraded Tesla's credit ratings after the close Tuesday and changed the outlook to negative from stable, citing "significant shortfall" in the Model 3 production rate and a tight financial situation.