10 Firms Suffer Steep Downfall on Monday

8. Rocket Companies Inc. (NYSE:RKT)

Rocket Companies dived by 15.35 percent on Monday to end at $13.35 apiece, in line with the overall market decline, as investors turned cautious over its recent acquisition of real estate brokerage firm Redfin.

In a statement, RKT said it had entered into an agreement with Redfin for the acquisition of its shares for $12.50 for a total of $1.75 billion.

Founded in 2004, Redfin is one of the US’s leading real estate brands, operating a top-three home search platform with more than 1 million for-sale and rental listings and a tech-powered brokerage of more than 2,200 agents.

“Rocket and Redfin have a unified vision of a better way to buy and sell homes,” said Varun Krishna, CEO of Rocket Companies. “Together, we will improve the experience by connecting traditionally disparate steps of the search and financing process with leading technology that removes friction, reduces costs, and increases value to American homebuyers.”