SK hynix American Depositary Receipts (ADRs) have tumbled to a new low, as the initial frenzy surrounding the Korean memory chip maker's record-breaking $26.5 billion U.S. listing earlier this month evaporates sharply amid a broader sell-off in semiconductor stocks.

The ADRs plunged as much as 10% to an intraday low of $139.01, significantly below the IPO price of $149 per share set on July 9. This development places SK hynix alongside Elon Musk's SpaceX as one of the major U.S. listings this year to see its shares fall below the offering price. The ADRs closed at $143.02 on Monday, representing a 4% decline from the IPO price.

The steep drop follows a period of heavy selling pressure on high-flying semiconductor stocks, as investors rotate out of the sector. The rapid unwinding of the rally has sharply cooled the enthusiasm that initially drove the stock higher following its debut.