Shares of Berkshire Hathaway ( BRK.A -3.90%) ( BRK.B -4.44%) are falling on Monday. The company's stock lost 4.3% as of 11:45 a.m. ET today and as much as 6.8% earlier in the day. The leg down comes as the S&P 500 lost 0.5% and the Nasdaq Composite lost 0.7% on the day.

Berkshire Hathaway (BRK-A, BRK-B) stock fell as much as 5% on Monday before paring losses as the conglomerate's board said it had unanimously approved longtime CEO Warren Buffett's appointment of vice chair Greg Abel as his successor,

Berkshire Hathaway stock reacted early Monday after Warren Buffett surprised shareholders with the announcement he would step down.