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Shares in Valeant tumbled 7 per cent in after-hours trading after CNBC reported that hedge fund tycoon Bill Ackman, the company’s largest shareholder, had sold his stake of 27.2m shares.

Mr Ackman had been Valeant’s biggest cheerleader and strengthened his ties with the company even after a series of scandals over its accounting and pricing policies.

Last year, he became a director of the company but will now relinquish his seat on the board, according to CNBC.

Copyright The Financial Times Limited 2017. All rights reserved.

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