Shares of Swedish auto maker Volvo Cars fell 14 percent on Friday as its top owner, China’s Geely, sold parts of its holdings at a deep discount to the previous day’s closing price.
Geely on Thursday launched a placing of some 100 million Volvo Cars shares, which the deal’s bookrunner later said was sold at a price of around 37 Swedish crowns each, or around $350 million in total.
The sale of the 3.4 percent stake leaves Geely with a holding in Volvo Cars of about 78.6 percent, according to a Reuters calculation.
Volvo Cars’ share price fell to a low of 35.25 Swedish crowns, an all-time low, before recovering slightly. The share is down 25 percent year-to-date.