(Yicai Global) Sept. 5 -- BYD's stock price dropped after Warren Buffett's investment company cut its stake in the Chinese electric vehicle maker for the second time in just over a week.

BYD [SHE: 002594] closed 4.7 percent lower in Shenzhen today at CNY268.76 (USD38.77) a share, after earlier plunging by as much as 7.4 percent. Its Hong Kong-listed stock [HKG: 1211] slipped 5.9 percent to end at HKD215 (USD27.39), having sank by 6.8 percent at one point in the morning.

Berkshire Hathaway sold 1.72 million shares of Shenzhen-based BYD for HKD450.83 million (USD57 million) on Sept. 2, trimming its holding of the electric car and battery giant’s Hong Kong-listed stock to 18.87 percent from 19.02 percent, an exchange filing showed the same day.

The sale was a shareholder’s investment decision, a BYD employee told The Paper today, adding that BYD’s sales are hitting record highs and it is operating normally.

Berkshire previously sold 1.33 million of BYD’s equity on Aug. 24, earning HKD369 million (USD47 million) from that sale, according to a bourse filing on Aug. 30. BYD’s share price dived the day after.

A 20.49 percent stake in BYD, the same size as Berkshire held at the end of June, appeared in Hong Kong’s Central Clearing and Settlement System on July 11, sparking speculation that Buffet planned to sell Berkshire’s interest in the company.

Editor: Futura Costaglione