Sainsbury’s top investor Qatar Investment Authority has sold £305m ($400m) worth of shares, sending the grocer’s shares tumbling.

The QIA sold a third of its 14.2% stake in the grocer, equivalent to 109 million shares, for £2.80 each, according to Goldman Sachs, after first investing in the grocer in 2007.

The transaction leaves the QIA with just 9.5% in Sainsbury’s shares, which saw the grocery retailer’s overall shares fall by almost 6.2% on Friday (11 October).

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The sale means the UK’s second-largest supermarket’s shares have fallen by 9% this year so far despite it claiming to have made the “biggest market share gains of any grocer” over the summer.

The news comes as CEO Simon Roberts joined retail leaders calls in the run-up to the October budget for more support from the government for businesses.

Sainsbury’s has been contacted for comment.