One of the largest shareholders in troubled land-based salmon farmer Atlantic Sapphire continued to sell down his stake, as the group struggles to contain the fallout from a fire that razed the group's Danish facility earlier this month.

According to Oslo Market Solutions, which tracks share holdings, noted that Lars Nielsen's Lani Invest has reduced his holdings from 1.2 million shares in early September down to 400,000 shares as of Monday.

The sale makes Nielsen the 46th largest shareholder, down from the 29th largest.