A large investor simultaneously sold major stakes in Deutsche Bank and Commerzbank, Germany’s biggest lenders, causing shares in both to tumble.

The undisclosed shareholder unloaded roughly 5% stakes in both banks, generating proceeds of around €1.75bn, equivalent to $1.9bn, based on the sale prices of the offerings, which were arranged by Morgan Stanley. The shares were offered at around 7% discounts to their previous trading levels.