Shares in Fiat Chrysler Automobiles (FCAU) dropped 37% on the Milan exchange in the first day of trading in 2016, after the company took out its Ferrari stake.

Even as Sergio Marchionne and John Elkann were ringing the opening bell to celebrate the addition of Ferrari (RACE) to the Italian exchange, FCA shares were already falling from an opening that was 31% lower than the last day of trading in 2015.

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According to figures obtained by Allpar from the Borsa Italiana, shares in FCA opened at about $9.68, closing at $8.83, down 37% from their $14.08 close on December 30.

On the New York Exchange, FCAU closed at $13.99 on December 31 and fell to $9.15 in after-hours trading. It opened at $8.91 and rose only to $9.00 by the end of the day — the lowest close since the company's IPO.

The full import of the stock movement won’t truly be known until January 7, when FCAU owners get their shares of RACE (Ferrari) stock, at a ratio of 10:1. There will be no fractions given; if a person owns 55 shares of FCAU, they will get five shares of RACE, and the rest will revert to FCA, which will sell it. Each FCAU owner will also get one Europenny per share of stock.