BUZZ-Telit: top shareholder trims stake after share price plunge

** Telit's top institutional shareholder Norges Bank has trimmed its stake in the company just weeks after adding to the position, according to regulatory filings

** Shares (Berlin: DI6.BE - news) in the internet of things company plummeted on Monday after poor results, and again on Wednesday after its CEO Oozi Cats took a leave of absence while the company investigates allegations he was involved in a mortgage fraud

** Norges Bank cut its holding from 5.23 pct to 4.75 pct on Wednesday, according to the filing. It bought more shares on July 27 shortly before Telit reported results

** Norges Bank, whose subsidiary Norges Bank Investment Management runs the country's state pension fund, declined to comment on the position

** Telit shares were up 8 pct on Thursday but are still down nearly 50 pct week-to-date

** An inquiry into Cats' background is expected to conclude in the next few weeks