Fortescue shares fall as a $1.1 billion stake enters the market.

Fortescue Ltd (ASX: FMG) shares are plunging today following news of a massive sale.

Shares of the Australian iron ore miner have dropped 4.6% to $21.93 by midday, while the S&P/ASX 200 Index (ASX: XJO) has risen 0.66% to 7,751.4 points.

The sharp decline in Fortescue’s share price is impacting the materials sector, which is underperforming the broader market today, primarily due to waning optimism around the ASX iron ore giant.