Barclays stock dropped as much as 6% in early Tuesday trade after one of the lender’s biggest investors sold a $1.2 billion piece of stock at a discount overnight.

On Monday evening, Goldman Sachs arranged the sale of 599 million shares by an undisclosed investor. According to Refinitiv Eikon data, the shares are roughly comparable to a 3.6 percent holding.

The transaction comes just one day after Barclays revealed a compliance failure that cost the bank an estimated 450 million pound ($589 million) in overselling structured products in the United States.

After falling 4 per cent on Monday, Barclays shares were last down 3.3 per cent at 115.22 pence at 1004 GMT on Tuesday.

According to Eikon data, Capital Group sold 399 million shares on Monday, however it was unclear whether the sale was related to the Goldman Sachs transaction.

Capital Group is one of the world’s largest investment firms and the parent company of the American Funds brand, which has millions of investors and retirement savers in the United States.

Capital Group did not respond to a request for comment.

According to Eikon statistics, other prominent Barclays shareholders with about a 3 per cent holding in the bank include the Qatar Investment Authority (QIA) and Blackrock.

When contacted by Reuters on Monday, Blackrock declined to comment, and QIA did not respond immediately.

Last Monday, QIA sold 1.2 per cent of Glencore, a miner and commodity trader, for $1.04 billion.

On Tuesday, the Barclays sale was priced at 150 pence, at the top of the target range of 147.50 pence to 150.75 pence, but this still represented a discount of more than 6% to Monday’s closing price, putting downward pressure on the stock.

According to Reuters, the sale was slightly larger than the 575 million shares announced on Monday evening, garnering the seller 899 million pounds ($1.18 billion), with the book being multiple times oversubscribed.

Barclays announced on Monday that it would have to postpone a planned £1 billion share buyback due to a structured products loss that it would have to face if it bought back the securities at their original acquisition price.

The regulatory gaffe is an early test for C.S. Venkatakrishnan, Barclays’ newly-appointed chief executive, who previously led the bank’s worldwide markets and risk operations.

(Adapted from Bloomberg.com)