The Telia Sonera company, one of Turkcell's main shareholders, sold 155 million stocks it directly owned, corresponding to 7 percent of Turkcell's capital, to institutional investors at TL 11.45 ($3.25) per share.

With sales of stocks worth TL 1.77 billion in total, Telia Sonera's direct and indirect share in Turkcell fell from 38 percent to 31 percent. Experts indicated that there will be no change in Turkcell's control structure.

Telia's direct shares in Turkcell dropped from 14 percent to 7 percent after the sale and there was no change in Telia's 24-percent indirect shareholding in Turkcell through Turkcell Holding.

The selling price of the stocks is currently 7.7 percent below Turkcell's closing price on Wednesday.

According to a statement from Telia, the company has committed to not making sales in Turkcell shares, which it directly owns, for 90 days. Telia also stated that they do not expect Turkcell Holding, which owns 51 percent of Turkcell, to sell Turkcell shares.

"Our direct share in Turkcell has been assessed as having no effect on strategic solutions in the impasse of Turkcell Holding. We will continue to work tirelessly to find solutions for our shareholders in Turkcell so that corporate governance can be reestablished and the company's attractive capital management policy is redefined," Telia CEO Johan Dennelind said in a written statement.

BofA Merrill Lynch, Citi and UBS led the rapid-demand collection process that started yesterday for stock sales. The names of institutional investors who bought the shares have not been disclosed. The short evaluation published by İş Yatırım stated that the company will not change its control structure. Following this announcement, Turkcell stocks started the day at 11.60 percent on the Borsa Istanbul stock exchange with a decrease of 5.54 percent.