More than a year after its IPO tanked, Paytm's parent firm has lost its standing among large cap stocks on Indian indices. One of its key investors Chinese conglomerate Alibaba, also had a tough couple of years as its foudner Jack Ma went missing and the firm faced scrutiny from authorities. Now reports are suggesting that the firm has sold off 3.1 per cent of its stake in Paytm's parent One97 Communications, which is almost half of what it holds in the company.
On the other hand, Alibaba group's fintech firm Ant has held on to its 25 per cent in Paytm, days after Jack Ma lost control of the company. about 2,59,930 shares of One97 were sold for a price of Rs 535.90 each, in a block deal worth Rs 13.93 crore. Reports have revealed that this deal was conducted by Alibaba.
Before Paytm, Alibaba also cut its stake in Indian startups such as BigBasket and Zomato, as it appears to be paving the way for an exit from India. Both Alibaba and One97 Communications haven't responded to queries about the stake sale.
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