Ingenia Communities, an Australian property developer, experienced a significant drop in share value of up to 6.21% to A$3.93, marking its steepest intra-day percentage drop since February 21st.

Finding itself among the top five losers on the ASX 200 benchmark index, Ingenia saw a plunge to its lowest level since August 25.

The drop follows the announcement on Thursday by U.S.-based REIT Sun Communities, Ingenia’s (ASX:INA) principal shareholder, of the sale of its entire 10.25% stake in Ingenia.

The stake was sold for a staggering $100 million, leading to a swap of nearly 45 million shares as opposed to the typical 30-day average trading volume of roughly 972,723 shares.

So far this year, the stock has seen a decrease of 6.3%, as of last close.

Ingenia Communities (ASX:INA) specializes in property development.