Alibaba sold its 3.1% stake in Paytm

Alibaba Group has sold its majority stake of 3.1% in One-97 Communications, the parent company of Paytm. According to reports, Alibaba Group company Ant Financial has sold shares of Paytm worth $125 million, or about Rs 1,125 crore, in a bulk deal. Ant Financial has sold 2 crore shares of Indian digital payment and financial services company Paytm at Rs 536.95 per share.
Earlier in September 2022, Alibaba Group had a 6.26% stake in Paytm. Paytm's stock saw a big fall on Thursday (January 12) due to Alibaba's stake sale. Paytm shares closed at Rs 543.50, down 6.16% i.e. Rs 35.65.
At the same time, Paytm's stock fell 8.8% to Rs 528 during trading. It has fallen by about 75% from its issue price till now. Its issue price was Rs 2,150. Investors have suffered huge losses in the stock of Paytm.
Paytm's 52-week high is Rs 1,145.90, while its 52-week low is Rs 438.35. The stock of the company went to its lowest level on November 24 last year. Paytm's stock has fallen by about Rs 500 in a year.
The company's board recently announced a share buyback scheme of Rs 850 crore. This share buyback will be through the open market route. Paytm's IPO of $ 2.5 billion i.e. Rs 20,361 crore came in November 2021. At that time it was the biggest IPO in the country.