Last Wednesday, AT&T Inc. sold 7% of its holdings in America Movil, a Latin American telecommunication firm. The report was according to the filing made by AT&T to the US regulators on the same day.

AT&T stated that the sales reduced its ownership in said company to a historical gauge of 9%. Billionaire Carlos Slim controls the Mexican company, America Movil.

According to US analyst Walter Piecyk, the sale will not signal any change to the relationship between AT&T and America Movil.  Currently, AT&T holds two executive seats on the board of America Movil.

America Movil spokesperson declined to give comments regarding stock sales.

The shares of the company have fallen to 3.8% since May 7 after AT&T began selling the firm's shares. Overall, the stock fell by 15.6% since the beginning of the year. This was due to the impact brought about the telecom reform in Mexico. This year, the company has been aggressive to buy back shares.