Chinese Alibaba Group from China has divested 2.95% stake in Paytm’s parent, One97 Communications through the open market for a sum of ₹ 1,031 crores.
The group's subsidiary, Alibaba Singapore E-Commerce sold its share at an average price of ₹536.95/share. The group suffered a 7% haircut over its original investment in the Unicorn.
Post the 3% sale, Alibaba Group owns a 28.19% stake in One97 communications.
The massive sell-out pushed struggling Paytm’s price to a 6.16% percent low of ₹543.50 on NSE.
Amid the selloff, reports show that Morgan Stanley Asia (Singapore) an affiliate of Morgan Stanley group, and US-based investment management have bought a 0.8% and 0.7% stake respectively in the falling company for a price of ₹534.80/ share.
Softbank and Societe Generale, two other foreign investment funds have sold their stake in Paytm’s parent.
© Vygr Media Private Limited 2022. All Rights Reserved.
