Telco SoftBank Shares Fall 3% As Parent Slashes Stake​

SoftBank Group Corp Chairman and CEO Masayoshi Son speaks at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato

TOKYO (Reuters) - Shares in wireless carrier SoftBank Corp <9434.T> fell 3% in early trading on Monday after parent SoftBank Group Corp <9984.T> said it would sell up to 22% of the telco's shares, slashing its exposure to the carrier to 40%. 

SoftBank Group's shares were up almost 5% as a series of massive asset sales and share buybacks continue to fuel its climb from March lows.

SoftBank Group "is manifesting a very disciplined approach to managing its balance sheet (in a welcome change) but does not bode so well for (SoftBank Corp's) shareholders," Jefferies analyst Atul Goyal wrote in a note.