General Motors shares tumbled to their lowest level in more than 70 years, pulled down by a drop in the broader markets and continued speculation about the future of the struggling automaker.

GM shares hit a low of $1.52 in early afternoon trading, before rebounding somewhat to close down 23 cents, or 11.5 percent, at $1.77. As the shares traded at their low, GM’s market capitalization slipped below $1 billion.

The low matched a record set on July 26, 1934, according to the Center for Research in Security Prices at the University of Chicago.

The price is adjusted for splits and other changes.

The Detroit-based automaker’s shares have been battered over the past year by worries about the viability of the US auto industry and plunging sales stemming from the industrywide drop in demand for new vehicles.

GM shares were worth $3.50 just a month ago and $25.54 a year ago.

On Tuesday, GM said it would need a total of $30 billion in federal aid in order to avoid filing for bankruptcy protection, up from a previous estimate of $18 billion.