Peloton Hits Record Low After Recalling 2.2 Million Bikes (1)

Peloton Interactive Inc. shares slipped to a record low Thursday after the fitness company announced a recall of about 2.2 million exercise bikes due to a safety hazard posed by the product’s seat.

Consumers should immediately stop using the bike and contact Peloton for a free repair, the US Consumer Product Safety Commission said in a notice. Customers won’t have to return the equipment, though. Instead, the company will provide a new seat post, which users can install at home.

Watch: Peloton recalls 2.2 million bikes.

Source: Bloomberg

Shares of the New York-based company fell 8.9% to $6.86, reaching the lowest closing price since its initial ...