Angie's List's shares drop as selling ban lifts

SAN FRANCISCO (AP) — Add Angie's List to the list of Internet companies now trading below their IPO price.

Angie's List's stock broke the barrier Tuesday as investors fretted about a potential wave of selling by major shareholders of the online business review service.

The worries stemmed from the expiration of a ban that had prevented the owners of 25.2 million shares from selling their stock until Tuesday.

The restrictions on about 44 percent of Angie's List's outstanding stock helped boost the company's stock by limiting the number of shares trading on the market.

Stripped of that protection, Angie's List shares plunged $2.04 to $11.25 in afternoon trading. That left the shares below their initial public offering price of $13.

The 15 percent drop marks Angie's List's biggest one-day drop so far.