Web Travel Group Ltd (WEB.AU) saw its shares plummet 5.36% during intraday trading on Monday, following news of significant insider selling by the company's chief executive.

The sharp decline came after the company disclosed that CEO and Managing Director John Guscic sold 2.7 million fully paid ordinary shares for approximately AU$6.9 million. According to a filing with the Australian Securities Exchange, the sale was executed to settle amounts owed to UBS under previously disclosed funding arrangements.

Such large-scale insider selling, particularly by the company's top executive, often raises concerns among investors about management's confidence in the company's near-term prospects and can trigger selling pressure in the market.