GE shares drop to 9-year low

Luke Sharrett | Bloomberg | Getty Images

A worker cleans a part of a gas turbine on the assembly line at the General Electric energy plant in Greenville, South Carolina.

General Electric shares fell to a new 9-year low on Monday, dropping to levels not seen since July 22, 2009, as concern about the a recent gas turbine failure in Texas continue to hang over the embattled industrial conglomerate.

GE fell as far as $11.72 a share in trading, breaking past its previous low this year of $11.94 a share.

The stock closed at $11.63 a share on July 22, 2009 – a few months after it hits its lowest point during the financial crisis, when it closed $6.66 a share on March 5, 2009.

GE’s stock has fallen steadily this year, down 32 percent. The conglomerate’s stock has set new lows as investors remain unconvinced by CEO John Flannery’s turnaround plan and its stagnant power business has hit new roadblocks, such as the Texas turbine failure and no short-term turnaround in sight.

Flannery said during GE’s second-quarter earnings in June that he had “essentially” completed the “target of $20 billion of dispositions” he promised.

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