Allied Farmers shares opened at 13c this morning but quickly fell 37% in value to be trading at 10c in the first 15min after the NZX opened.
After 15min, there had been 1.4 million shares traded in 46 transactions.
"The shares are down a heck of a lot but it is early days," Forsyth Barr broker Peter Young said.
"It makes me thing that a lot of holder numbers have not been received."
Allied Farmers on Friday issued more than 1.97 billion shares to Hanover Finance and United Finance investors as part of a deal which sees Allied take over the assets of the troubled finance companies.
Many of the investors have not held shares before and are expected to try and sell them as quickly as they can to realise some cash from their previously-frozen assets.
