Carlyle Falls Below $22 IPO Price as Rubenstein Plan Falters

Carlyle Group LP sank below its $22 offering price in the fifth day of trading, following a discounted IPO with which the firm sought to prove that shares in private-equity managers can rise.

Carlyle, which had been trading in a range of 9 cents above its IPO price for the past three days, fell 1.1 percent to $21.75 at the close of trading in New York, after earlier falling as much as 4.4 percent to $21.02. The Standard & Poor’s 500 Index fell 0.7 percent.