Revlon Inc. shares lost more than half their value Friday after the New York Stock Exchange made the beauty products company’s delisting official, deflating a surge of market interest that followed its chapter 11 bankruptcy filing in June.

Shares fell by more than 50% to close at less than $2 on Friday after the NYSE said Thursday that it had denied Revlon’s appeal to stay listed on the Big Board. The stock is trading over the counter. It was trading around $2 when it filed for bankruptcy but soared more than 400% the following week. It has since closed at prices approaching $9, despite its financial strains.

Shareholders are generally wiped out in bankruptcy cases, except for the rare instances where there is value left over after debt claims are repaid. Revlon, 85% owned by billionaire Ronald Perelman, filed for bankruptcy protection after struggling with a heavy debt load, tough competition and an acute cash crunch.

The NYSE had said in June that it would begin delisting proceedings, which is common when companies file for bankruptcy. Revlon said last week it had appealed the delisting decision “to protect shareholders.”

Minority owners of Revlon have continued to believe the stock has value. A group of them asked in bankruptcy court in July to form an official committee to represent the interests of equity holders as the company restructures. They pointed to the surging stock price, fueled by a burst of interest from individual investors, as evidence its shares have value.

A bankruptcy judge rejected that request, saying that stockholders’ interests were already represented in the bankruptcy case.

Investors who piled into Revlon have been hoping to see a repeat of the Hertz Global Holdings Inc. bankruptcy. The car-rental company was delisted from the NYSE after filing for chapter 11 in 2020. But the stock was in the money, and the reorganized company joined Nasdaq for its new shares after leaving chapter 11.

Write to Becky Yerak at becky.yerak@wsj.com and Josh Beckerman at josh.beckerman@wsj.com