Home ›› 01 Sep 2022 ›› Stock
Shares in Chinese electric carmaker BYD plunged on Wednesday after its largest backer, Warren Buffett’s Berkshire Hathaway, reduced its stake amid speculation of a potential exit.
Hong Kong-listed shares of the EV manufacturer fell by as much as 13 per cent, a day after a regulatory filing showed Berkshire reducing its holdings from 20.04 per cent to 19.92 per cent.
It ended the day 7.9 per cent lower, while its Shenzhen-listed stock finished 7.4 per cent down.
The sale of around 1.33 million securities was valued at approximately $47 million.
