Shares of Icahn Enterprises LP (IEP) plummeted 10.01% in the last 24 hours, following reports that the company plans to significantly increase its stake in U.S. oil refiner CVR Energy (CVI), in which it already holds a 66% ownership.

According to a report by The Wall Street Journal, billionaire activist investor Carl Icahn and his firm, Icahn Enterprises, intend to raise their stake in CVR Energy by more than 20%. This move has sparked concerns among investors, leading to a sell-off in IEP's stock.

While Icahn Enterprises has not provided a specific reason for the proposed stake increase, some market analysts speculate that it could be a defensive move to prevent a potential takeover of CVR Energy. However, the lack of clarity surrounding the decision has left investors uneasy, leading to concerns about potential dilution or other negative implications for IEP's shareholders.