Mercedes-Benz has sold off its entire stake in Nissan Motor.
Reuters reported the sale earlier this week, from an anonymous source with direct knowledge.
The 3.8% stake was offloaded by Mercedes for 47.83 billion yen on Monday, and shares ended the day over 6% lower.
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Join nowThis was the biggest one-day stock drop since early July.
Reuters source reported that the German automaker sold its Nissan shares at 341.3 yen apiece, a 5.98% discount to Nissan's closing price on Monday.
Nissan has yet to comment, and Mercedes released an initial statement where they said the sale was not strategic, but rather a cleaning out of its portfolio.
