Royal Mail shares have plummeted by more than 4% in early morning trading to £3.21 a share. This is below the £3.30 price the mail operator’s shares were valued at in 2013.

The share price has been falling since Royal Mail announced a profit warning last week due to falling mail volumes and some concerns around data protection. Since the profit warning last week, shares have fallen some 30% in value.

Analysts at RBC Capital Markets, HSBC and JP Morgan have cut recommendations on the stock.

RBC, who downgraded the stock from sector perform to underperform said Royal Mail’s shares did not fully reflect the “amplified profit risks from higher-than-expected costs”.

This morning HSBC cut the target price on Royal Mail shares to 379p from 552p, while RBC reduced it to 315p and Bernstein to 350p.

Frank Proud from Apex Insight was interviewed on the Today Programme on Radio 4 last week to ask his views on Royal Mail’s profit warning. Listen here at 25:00 for the interview