Shares in online retailer and software giant THG fell to a record low after its largest institutional shareholder sold nearly half its stake.
US asset manager BlackRock has said it would sell 58 million shares in the Greater Manchester company at 195p each, valuing the deal at £113.1m.
The move represents a 10.3% reduction on Monday’s closing share price.
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It comes after BlackRock, which is the world's largest asset manager, held a 10.1% stake, or almost 124 million shares, in THG as of mid-October.
Shares in THG have fallen by almost 6% as of 1.40pm, to 204p each, slightly up from the record low of 198p earlier today.
It is a significant drop from its 500p share price when THG floated in September 2020 and the later uptick to almost 800p.
Russ Mould, investment director at AJ Bell, has said that THG is "losing fans at an incredibly rapid rate".
He added: "Asset managers rarely sell after a stock has already fallen so much unless they’ve lost all confidence in the business and/or found something that completely changes the investment case.
"The backlash against THG seems to centre on the fact that people bought into the hype without paying attention to valuation.
"Now that difficult questions are being asked about costs and more, particularly if the business is broken up into three as per the suggestion from THG, investors aren’t getting the answers they want – or they are not liking what they see."
