Aston Martin's second-biggest shareholder cuts its stake in the company

Private equity company Investindustrial reduced its stake in the British car maker by about 5 per cent

Aston Martin posted a deep first-quarter loss after sales dropped by almost a third due to the impact of the coronavirus outbreak. Motif Productions

A top Aston Martin shareholder cut its stake in the British car maker by about 5 per cent, a regulatory filing showed on Monday.

Italian private equity fund Investindustrial Advisors disclosed a stake of 14.99 per cent in Aston Martin as of May 29, compared with its previous stake of 19.92 per cent.

It was not immediately clear why the fund cut its stake.

Investindustrial is the company's second-biggest shareholder after Canadian billionaire Lawrence Stroll, according to Refinitiv Eikon data.

The 107-year-old luxury car manufacturer in May posted a deep first-quarter loss after sales dropped by almost a third due to the impact of the coronavirus outbreak.

Aston Martin and the private equity company did not immediately respond to requests for comment.

Last month, Aston Martin appointed Tobias Moers, who led the AMG performance arm of Mercedes-Benz, as its new chief executive.

Mr Moers replaces Andy Palmer, the Nissan veteran who headed the luxury car maker made famous by James Bond movies since 2014.