Investor Bhavnani cuts stake in Spain's Popular

MADRID, Sept 29 (Reuters) - Indian investor Ram Bhavnani said on Tuesday he had further cut his stake in Spanish bank Popular (POP.MC) to 1.5 percent, down from the 2.8 percent he had declared on Aug.10.

In a telephone interview with Reuters, Bhavnani said he retained 20 million shares through his investment vehicle Casa Kishoo.

He said he had sold 40 million shares for 265 million euros ($386.1 million) since July when he owned about 5 percent.

"It's true that I bought the stake at around 10.5 euros and now I've sold at around 6.4 or 6.5 euros," he said.

(Reporting by Jesus Aguado, writing by Sarah Morris; Editing by David Cowell)