Tencent drops 4% on Naspers' stake-cut plan

South African media firm to sell stock worth over $10 billion and pare holding to 31.2%

Shares of Tencent Holdings Ltd experienced a record intraday fall on Friday, as its largest backer announced a holdings cut plan for the first time in nearly two decades.

The internet giant saw daily transaction volume top HK$100 billion ($12.7 billion) in Hong Kong on Friday, with its price tumbling as much as 4.42 percent to HK$420.