Sept. 11 (Bloomberg) -- Enagas SA, the operator of Spain’s natural-gas transportation network, slumped the most in more than five years in Madrid trading after an investor sold a 5 percent stake at a discount.
Enagas dropped 7.8 percent, the most since December 2006, to 14.515 euros, after closing at 15.735 euros yesterday. The shares were earlier suspended from trading.
Sagane Inversiones, formed by savings banks Caja Murcia, Caja Castilla La Mancha and Caja Granada, sold its stake at 14.70 euros a share for 175.5 million euros ($224.6 million), according to a filing today. Banco Santander SA and Credit Suisse Group AG handled the sale.
Enagas shares had climbed 10 percent this year before today’s sell-off, in contrast to a 10 percent decline for Spain’s benchmark IBEX 35 Index. The stock had risen the past three sessions, and is still up 2 percent since December.
“It was difficult to understand why Enagas had outperformed the IBEX in the previous days, so it was clear it should drop at some point,” Francisco Salvador, a Madrid-based strategist at FGA/MG Valores, said by telephone. “Other investors including the Spanish government could also sell their stakes, which could mean a drag for the stock.”
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