BERLIN, Germany — Shares in Rocket Internet fell more than 9 percent on Thursday after Swedish investment company Kinnevik sold half of its 13 percent stake in the German e-commerce company late on Wednesday.

Rocket shares were down 9.3 percent at €19.35 at 0833 GMT after Kinnevik sold 6.6 percent of Rocket's share capital to institutional investors at €19.25 per share. It committed to a lock-up period of 90 days for its remaining stake.

Kinnevik was one of the first investors in Rocket and was the firm's biggest shareholder after the Samwer brothers who founded it and who have a 37 percent stake. Kinnevik also has stakes in a number of Rocket's major start-ups.

Founded in 2007, Rocket has built up dozens of businesses from fashion e-commerce to food delivery, but its shares have slid in the last year as many investors have become concerned over heavy losses and falling valuations for its key start-ups.

By Emma Thomasson; editor: Maria Sheahan.