Blackstone shares on Tuesday fell below $31 – the price at which they were sold in last week’s landmark initial public offering – as investors continued to express doubts about the future performance of the US private equity group.

After rising 13 per cent on a strong first day of trading last Friday, the value of Blackstone’s partnership units dropped 7.5 per cent on Monday, and extended those losses by 4.6 per cent in morning trading on Tuesday.