India, March 25 -- The shares of DNA testing giant 23andMe plunged after the company filed for Chapter 11 bankruptcy and announced the resignation of its CEO on Sunday.

The company's shares plummeted 59.22% or by $1.06, closing at $0.73 on the Nasdaq after Monday's trading session ended.

Monday's pre-market time saw the shares down over 40%, with its market capitalization falling below $50 million. This is a fraction of the $6 billion value it had during a peaked in the months following its initial public offering (IPO).

23andMe is a Silicon Valley-based company which provides ancestry and health information to its customers using a mail-back saliva test.

It went public in 2021, claims that it has 15 million customers, but has since s...