Shares of Apple sank below 90 dollars for the first time in nearly two years Thursday, costing the tech giant the title of the world's largest company by market valuation.

Apple shares fell sharply to 89.47 dollars in early trade as investors soured on the outlook for sales of the company's iPhones and iPads. Apple came back to finish the session off 2.4 percent at slightly above 90 dollars.

Apple ended the day valued at 494.8 billion dollars by market capitalization. That's while its Silicon Valley rival Google was just a bit shy of 500 billion US dollars.

Apple shares have plunged sharply since mid-April after taking a blow from the company's disappointing fiscal second-quarter earnings.