Aramco shares have erased much of its gains post-IPO. The initial listing price was at 32 SAR, jumped to 38.738 SAR on Dec. 11, but has since slid 9.30% to 35 SAR in six sessions.

Shares struggled to hold the $2 trillion valuation mark above 37.51 SAR last week, a level that Prince Mohammad Bin Salman (MbS) has justified as the fair value of the state-owned oil company.

The near 10% drop in six sessions comes as Aramco was added to MSCI, Saudi Tadawul index, and FTSE benchmark.

MbS, Aramco, and Saudi newspapers have been promoting Aramco's $1.7 to $2 trillion valuations as the world's largest IPO. Western banks have avoided the IPO on valuation concerns.