The Amaysim Australia Ltd share price is down 10% this week

The Amaysim Australia Ltd (ASX:AYS) share price has fallen 10% this week after its CEO offloaded shares.

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Unfortunately for its shareholders, the Amaysim Australia Ltd (ASX: AYS) share price has been one of the worst performers on the market this week.

Despite a small gain today its shares are down over 10% since Monday.

What happened?

The growing telco company's shares were sold-off on Tuesday after it emerged that managing director and CEO Julian Ogrin had offloaded 833,605 shares for just short of $1.6 million.

According to the release, he has sold the shares in order to meet his expected tax obligations.

It isn't just Mr Ogrin selling shares either. According to recent releases, Investors Mutual, Challenger Ltd (ASX: CGF), and Merlon Capital Partners have all reduced their holdings in the company during the last 30 days.

This latest decline means Amaysim's shares have fallen around 15% year-to-date. Fellow telco shares Telstra Corporation Ltd (ASX: TLS) and TPG Telecom Ltd (ASX: TPM) have also fallen by a similar amount.

Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia owns shares of Challenger Limited, Telstra Limited, and TPG Telecom Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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