Morgan Stanley has started selling another batch of shares in Enel, the Italian utility, at below the price it bought them last month in an aggressively-priced block trade.

Morgan Stanley is offloading a further 95 million shares in Enel which have been sitting on its books since it bought 400 million shares last week when it acquired a 6.6% stake in the company from the Italian government. It has been selling shares since the block trade last week, and this latest sale represents the balance of its residual holding.