MSN closed down 2.65 percent on Wednesday, with volumes jumping to 5.5 million from 3.4 million the previous day and an average of 800,000. Foreign investors sold 4.6 million shares, the highest this year. 

On Tuesday the stock had fallen by the maximum allowed 7 percent as foreign investors sold 1.4 million shares. 

The sell-off began following an announcement by conglomerate Vingroup that it had reached a deal with Masan to merge their retail subsidiaries to form a new company.

The deal integrates Vingroup’s network of 2,600 Vinmart and Vinmart+ minimarts with the new entity, which will be controlled by Masan, and Vingroup will remain a shareholder. 

Foreign investors have been selling MSN stocks on and off for a month now, which analysts at VNDIRECT Securities attributed to them possibly getting wind of what was brewing. 

MSN of food conglomerate Masan Group shed 1.7 percent on Wednesday. Masan has interests in food, beverages, animal feed, and mining.