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Shares in the New York Times Co. skidded to their lowest level in a decade Wednesday after disgruntled Morgan Stanley fund manager Hassan Elmasry sold his entire stake.

News of Elmasry's unloading of 10.3 million shares, or 7.2% of the total, sent shares down as much as 3.5% to $18.25. They ended the day off 2.3% at $18.48.

Elmasry threw in the towel after two years of battling the Times Co. over voting rights and other issues. He had taken issue with several management decisions, arguing that a more egalitarian structure should be adopted. The Sulzberger family resisted, maintaining a tight grip on the company.