A top Aston Martin shareholder cut its stake in the British carmaker by nearly 5%, a regulatory filing showed on Monday.
Italian private-equity firm Investindustrial Advisors Ltd disclosed a stake of 14.99% in Aston Martin as of May 29, compared with its previous stake of 19.92%. It was not immediately clear why the fund cut its stake.
Investindustrial is the company’s second-biggest shareholder after Canadian billionaire Lawrence Stroll, according to Refinitiv Eikon data.
The 107-year old luxury carmaker in May posted a deep first-quarter loss after sales dropped by almost a third due to the impact of the novel coronavirus outbreak.
Aston Martin and the PE firm did not immediately respond to requests for comment.
(Reporting by Pushkala Aripaka in Bengaluru; Editing by Anil D’Silva)