AsianFin -- Shares of Nissan Motor fell about 6% on Tuesday following the announcement that Mercedes-Benz, the automaker’s second-largest shareholder, plans to sell its 3.8% stake, valued at roughly $346 million.

The decline highlights investor concerns over Nissan’s turnaround prospects amid challenges from tariffs and declining sales in key markets, including the U.S. and China. The company reported a $535 million loss for the quarter ending June.

Since taking over as CEO in April, Ivan Espinosa has unveiled an ambitious restructuring plan aimed at restoring profitability. Measures include reducing global production capacity from 3.5 million to 2.5 million vehicles and cutting manufacturing sites from 17 to 10 by fiscal 2027.

At the midday break, Nissan shares were trading at 341 yen ($2.31), down from Monday’s close of 363 yen, marking the steepest one-day drop since early July.