Mail.ru Group Ltd., a Russian Internet company, said co-founder Gregory Finger sold his 5.7 percent holding in the company for $408 million.
Mail.ru, which listed on the London Stock Exchange in 2010, operates several Russian-language websites and has stakes in Facebook Inc., Zynga Inc. and Groupon Inc. The company’s shares declined 27 percent in May, when Facebook went public and the social network’s shares fell 22 percent by the end of the month.
Finger, who had converted his holding into ordinary from voting shares on Sept. 18, sold 12 million shares at $34 apiece, Mail.Ru said in a statement. Finger is also a director.
Shares in Mail.ru fell 5.7 percent to close at $33.95 in London. The stock has risen 31 percent so far this year.