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flag EVgo's stock plunges 20% as a major shareholder plans to sell a large stake, signaling reduced confidence.

flag EVgo's stock dropped by over 20% after the company announced that an affiliate, owning about 25% of EVgo's shares, plans to sell 23 million shares at $5 each, with an option for more. flag This sale is seen as a sign of lack of confidence in the company’s future, despite recently securing a $1.25 billion loan to expand its EV charging network to 10,000 stalls by 2029.

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