Blackstone shares fell 7.5 per cent amid heavy trading on Monday as the US private equity group gave up most of the gains registered during its debut on the New York Stock Exchange.

After being priced at $31 each, the shares climbed as high as $38 before closing 13 per cent higher at $35.77 on Friday, their first day of trading. Blackstone’s shares, which are technically known as partnership units, fell to $32.44 on Monday as about 35m changed hands – more than 20 per cent of the company’s float.