J Sainsbury PLC (LSE:SBRY) fell 5% on Friday morning after news broke its largest shareholder was slashing a stake in the supermarket.
The Qatar Investment Authority revealed overnight it had sold £309 million worth of shares in the supermarket.
According to a regulatory filing, some 109.4 million shares were offloaded at a price of 280p, marking an 8p discount to Sainsbury’s stock price as of Thursday’s close.
This equated to roughly 5% of the Qatar Investment Authority’s holding in the supermarket, which had sat at 14.2% prior to the sale.
Shares fell 5% as trading got underway on Friday, placing Sainsbury’s as the FTSE 100’s biggest loser.