FILE PHOTO: A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photo

DUBAI (Reuters) - Saudi Aramco 2222.SE shares briefly hit 34.45 riyals ($9.18) in early trade, their lowest level since its shares began trading on December 11, following a record-setting initial public offering (IPO).

At 0706 GMT, Aramco shares were down 0.14% at 34.50 riyals.

They have lost almost 11% since hitting a high of 38.70 riyals.

The IPO was priced at 32 riyals per share, valuing Aramco at $1.7 trillion, making it the world’s most valuable company.