Newcrest Mining Limited
(ASX:NCM) has been further destabilised after Perennial Investment Partners sold its stake in the miner, according to media reports.
Newcrest shares have fallen from over $40 to under $10 in the past two years.
Perennial's stake in Newcrest was reportedly worth about $100 million in November, but was reportedly only worth about $40 million when it sold the stake.
Perrenial reportedly told investors it was no longer confident Newcrest could grow cashflows from current levels.
The move comes after Newcrest's announcement last month of $6 billion worth of writedowns.
Newcrest generated a net profit of $339 million in the first half of the current financial year.
