DUBAI - Shares of Saudi Aramco fell below their initial public offering (IPO) price on Sunday for the first time since they began trading in December after the OPEC oil supply cut pact with Russia fell apart on Friday.

Aramco shares were trading at 31.50 riyals ($8.40) at 0705 GMT, down 4.85%, compared to the IPO price of 32 riyals. The Saudi market plunged 6% in early trade.

Aramco's record IPO in Decmeber had valued the firm at $1.7 trillion, making it the world's most valuable company. ($1 = 3.7520 riyals)

(Reporting by Saeed Azhar;Editing by Elaine Hardcastle) ((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters Messaging: saeed.azhar.reuters.com@reuters.net))