On Monday, shares of Japanese automaker Nissan Motor Co Ltd slumped by 5%, marking their biggest fall in more than a month, following a report that Renault SA, its top shareholder, may consider lowering its stake in the company.

Last week on Friday, Bloomberg had reported that Renault may consider lowering its stake in Nissan as part of plans to separate its electric vehicle business.

Renault aims to push ahead with plans to split its electric and combustion-engine businesses so as to attempt a catch up with rivals such as Volkswagen and Tesla.

On Friday, Renault had said all options were on the table for separating the electric vehicle business, including a possible public listing in the second half of next year.

Any plan will be subject to approval from its alliance partner Nissan, said Renault finance chief Thierry Pieton while adding, the Japanese automaker was “in the loop” as Renault weighed its options.

Both, Renault and Nissan declined to comment on the report.

Renault has a 43.4% stake in Nissan, which in turn has a 15% non-voting stake in Renault.

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Tags: alliance, automaker, combustion engine business, electric vehicle, IPO, Japanese, Nissan Motor Co, public listing, Renault SA, separate, separating, shareholder, shares, stake, Thierry Pieton