Maxis Bhd, Malaysia's biggest mobile phone operator, dropped the most in almost six months in Kuala Lumpur trading after billionaire Ananda Krishnan sold a RM2.34 billion stake in the company.

The company fell 2.3 per cent, its steepest drop since Jan. 30, to RM6.39 as of 10:44 a.m. local time, after slumping to RM6.35, the lowest since it was listed in November 2009. The stock was also the biggest loser on the benchmark FTSE Bursa Malaysia KLCI Index of stocks, which rose 0.2 per cent.

Maxis Communications Bhd, majority-controlled by billionaire Ananda Krishnan and Saudi Telecom Co, sold 375 million shares, a 5 per cent stake, yesterday, two people familiar with the matter said. At RM6.28 apiece, the stock was priced 4 per cent less than its closing price of RM6.54 yesterday, said the two people who declined to be named because the information is private.

"The placement exercise may create share overhang and may cause downward pressure on Maxis's share price," Lim Tee Yang, an analyst at Kuala Lumpur-based RHB Research, a unit of RHB Capital Bhd, said in an interview today. "Based on the book- building closing of RM6.28 a share, Maxis's net dividend yield, while still attractive at 6.3 per cent, is not cheap at 20.7 times FY13 price-earnings."

The brokerage has a market perform call on Maxis with a fair value of RM6.30 a share. Market perform means the stock's return is expected to be in line with the benchmark KLCI Index index over the next six to 12 months, according RHB Research.

Keith Pereira, Maxis's head of media, couldn't be immediately reached for comments via mobile phone. -- Bloomberg