General Motors (GM) stock falls by 30% over bankruptcy fears

General Motors Corp. (GM) stocks have taken a beating early this morning, following the news that GM could only be looking at government help in the short-term. It is not only GM stocks that have been hit; the overall stock market in the US has also been suffering since the news was announced.

It seems that anxiety has been building up over fears that GM will not be able to avoid bankruptcy; the result was a fall of GM stock by 30%. Trading of GM shares was around $2.45 to $2.50 earlier this morning.

Freep reports that GM stocks were at $3.62 a share on Friday, which was a 21 cents increase. Although stocks this morning were around $2.45 to $2.50, that is not as low as $1.45 a share, back on March 6.

We also reported this morning that Barack Obama had asked for General Motors (GM) CEO, Rick Wagoner to step down from his post immediately.