The shares of China Mobile Ltd. dropped significantly in Hong Kong trading. The fall in shares were noted when the Sunday Times reported that Vodafone Group Plc. is planning to sell its share in China Mobile.

During the trade break in Hong King at around 12:30 p. m., China Mobile’s share went down 1.7% to HK$80.25. And the standard Hang Seng Index showed a 0.7% increase in shares.

Vittorio Colao, Chief Executive of Vodafone said that his Company has decided to sell 3.2% stakes in China Mobile. He further added that either a sole buyer will get the shares or the shares will be sold in an open market.

China Mobile is one of the world’s largest phone carriers by market value. On the Hong Kong stock market, the Company is valued at £135 billion.

At present, Vodafone has approximately £81 billion in its Treasury and the Company is underrated by 40% because it failed to cater to some minority investors’ interests. Because of this problem, around 6.5% shareholders revolted the recruitment of the Chairman, Sir John Bond. They accused the Company of many failed acquisitions and also demanded the appointment of a new Chairman.