Technology One Ltd's stock plummeted 5.16% during intraday trading on Thursday, following the announcement that BlackRock Group is no longer a substantial shareholder in the company.

The significant drop comes after BlackRock Group and its subsidiaries ceased to be a substantial holder of Technology One, according to a filing with the Australian bourse. BlackRock had previously held a 5.02% total voting power in the company since March 27, making it a major institutional investor.

The exit of such a substantial shareholder typically signals reduced institutional confidence and can create selling pressure in the market, which appears to have contributed to the stock's sharp decline during the trading session.