Monte dei Paschi di Siena's shareprice fell in early trading on Wednesday after the Italian government sold 12.5% of the world's oldest bank for 650 million euros after the closing of business on Tuesday.
The share price originally fell by 2.49% to 4.15 euros, the price set for Tuesday's operation.
But it subsequently regained some of the ground and was 2.23% down at the time of writing.
The State had taken a 64.2% stake in MPS in a bailout in 2017.
It sold 25% in November, taking its stake down to 39.23%.
It owns around 27% in the lender after Tuesday's operation.
The government has said it will be completely privatized when the market conditions are right.
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