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 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.
Let us tell you that 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.