Afterpay shares plunged by 11 per cent amid a technology-sector bloodbath on Friday, as investors fretted about the impact of bond market turmoil on lofty valuations and the costs of chasing growth.

As rising bond yields depress the valuation of growth stocks, Afterpay was trading $14.38 lower at $119.98 mid-afternoon, 25 per cent off its record high in February, after raising $1.5 billion via a convertible note in a deal that was six times oversubscribed.