New Delhi, July 8 -- Tesla Inc. shares tumbled 6.8% on Monday (July 7), erasing more than $68 billion in market cap, after CEO Elon Musk revealed plans to launch a new political party - the "America Party."

The move, announced over the weekend, reignited a public feud between Musk and former ally President Donald Trump, escalating investor concerns about the company's future direction.

The steep drop marks one of the worst single-day performances for Tesla this year and comes amid growing concerns that Musk's political ambitions could further distract from his role as chief executive of the electric vehicle giant.

Tesla's stock slide wiped out $15.3 billion from Musk's net worth, according to the Bloomberg Billionaires Index. The fall ...