Echo Shares Down More Than Ten Per Cent After James Packer Dumps His Massive Stake

Getty/Lucas Dawson

Echo Entertainment is down more than 10% to $3.09, after the Billionaire owner of its rival James Packer sold his 10% share.

Packer, who controls echo rival Crown sold his stake in a sale brokered by UBS AG, despite recently receiving approval from gaming regulators to increase it to 23%.

The stock was down 10.03% or 35 cents at 11:39AM, while the market has dropped 1.54%.

Now read: James Packer Says He’s Selling His Echo Stake To Focus On The Crown Plan

Follow Business Insider Australia on Facebook and Twitter

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.