Chorus Aviation Inc. fell the most in more than three months after Fairfax Financial Holdings Ltd. sold its stake in the regional carrier.
Class B shares of Chorus dropped 3.8 percent to C$4.34 by 3:59 p.m. in Toronto, their biggest single-day decline since Oct. 24. The stock dropped as much as 16 percent in intraday trading before rebounding. Class A shares fell 7.2 percent to C$4.27.
“We can confirm that Fairfax sold its holding,” Manon Stuart, a spokeswoman for Chorus said today in a telephone interview from Halifax, Nova Scotia where the company is based. She declined to say when the company was notified of Fairfax’s sale or who acquired the shares.
Canada’s National Post newspaper reported the Fairfax stake sale earlier today.
Chorus operates regional flights for Air Canada, the country’s largest carrier, under the Jazz and Air Canada Express banners. Fairfax, an insurer and investment management company based in Toronto, was the third-biggest holder of Chorus stock.
About 19.1 million Chorus shares were sold in a block trade at 3:37 p.m. yesterday, Bloomberg data show. Toronto-based Fairfax held 8.5 million Class A shares of Chorus and 10.6 million Class B shares as of April, according to data compiled by Bloomberg.
Paul Rivett, a spokesman for Fairfax in Toronto, didn’t immediately return a call seeking comment.