Volvo Cars shares plunge to record lows as Geely cuts stake By Reuters

OSLO (Reuters) – Shares of Swedish auto maker Volvo (OTC:) Cars fell 14% 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% stake leaves Geely with a holding in Volvo Cars of about 78.6%, 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% year-to-date.