Xero shares fall more than 3% after CEO sells shares for $2.2 million

Xero Inc (ASX:XRO) shares fell more than 3% to $71.17 after CEO Sukhinder Singh Cassidy sold 29,608 shares for $2.2 million to meet personal tax obligations. The sale follows the disposal of 70,737 shares for $5.4 million between May 26 and June 2, also for tax purposes. Singh Cassidy retains 171,381 restricted stock units and more than 1 million unlisted options.