British global universal bank shares dropped 6% in early trading on Tuesday. This drop was mainly due to an investor selling $1.2 billion in stock at a discount overnight to the lender. An anonymous investor sold 599 million shares promoted by Goldman Sachs. The shares are equivalent to a 3.6% stake.
This sale was a blow to British multinational universal bank, just a day after it was revealed that it had oversold structured products in the United States, leading to losses estimated at £450 million. Barclays stake dropped 3.3% to 115.22 pence at 05.04 a.m. ET on Tuesday. The bank had fallen 4% on the bank after it sold billions of pounds worth of securities for a year.
Qatar Investment Authority and Blackrock are the 3% stakeholders of the bank. When Blackrock was questioned, they declined to comment on it. The bank has said it would have to delay a planned $1.3 billion share buyback because of the loss on US structured products.