UPDATE: Lastminute.com takes £100m share dive in second day trading

Shares in online travel retailer, Lastminute.com, plunged this morning, wiping £100m off its market cap after it reached an opening day high of almost £800m.

At 10:10 GMT, the company's share price had dropped to 395p, just 15p above its opening price of 380p, a fall of almost 17 per cent from Tuesday's close of 487.5p.

Stock volumes were small, with just 1.3 million shares traded by 10:15 GMT compared with 21 million during the first day frenzy. Some 200,000 retail investors were allocated 35 shares each - 20 per cent of the total volume on offer.

Traders have attributed the fall to a tide of media criticism that questioned whether the immense valuation was justified on a company less than two years old and which has yet to report a profit-making quarter.