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Panasonic shares close lower on Monday, company sells $3.6 billion stake in Tesla

Panasonic Corp (6752) has sold its stake in Tesla Inc (TSLA) for about $3.6 billion during the fiscal year ending in March, AFP reported last week, citing Yayoi Watanabe, a spokesperson for the Japanese company.

The announcement comes at a time, when the conglomerate seeks to become less dependent on Tesla and to raise cash for investment efforts.

The Japanese company purchased 1.4 million shares of Tesla Inc for nearly $30 million in 2010, while that stake was worth $730 million at the end of March 2020, it said.

Panasonic also said that the sale would not affect its partnership with Tesla. Still, the sale comes at a time, when the electric vehicle maker is diversifying its own battery supply chain.

The shares of Panasonic Corp closed lower for the sixth time in the past ten trading sessions in Tokyo on Monday. The stock went down 0.46% (JPY 6.0) to JPY 1,303.0, after touching an intraday high at JPY 1,315.0. The latter has been a price level not seen since April 30th (JPY 1,318.0).

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