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(Reuters) -Berkshire Hathaway ( BRK/A ) fell 2.8% in premarket trading on Monday after revered investor Warren Buffett said he would be stepping down as chief executive of the conglomerate after 60 years at the helm.

Buffett will hand over the reins to Vice Chairman Greg Abel.

Class B shares of the $1.16 trillion conglomerate dipped to $525.

(Reporting by Medha Singh in Bengaluru; Editing by Mrigank Dhaniwala)