Alibaba Group has also sold its remaining 3.4% stake in Paytm's parent company One-97 Communications. With this, Alibaba Group no longer has any stake in Indian Paytm. According to reports, Alibaba Group has sold around 21 million shares of Paytm in a block deal on January 10.
Alibaba Group had earlier sold its majority stake of 3.1% in Paytm in January. Then Alibaba had sold Paytm's shares worth $125 million i.e. about Rs 1,125 crore in a bulk deal only. The company had sold 2 crore shares of Paytm at Rs 536.95 per share. Alibaba Group had 6.26% stake in Paytm as of September 2022.
Digital payment and financial services company Paytm's stock saw a big fall on Friday (February 10) due to Alibaba's stake sale. Paytm shares closed at Rs 650.75, down 7.82% i.e. Rs 55.20.
Paytm's stock has fallen by almost 70% from its issue price till now. Its issue price was Rs 2,150. Investors have suffered a lot from Paytm's stock. 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.
Let us tell you that Paytm's 52 week high is Rs 958.75, 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 250 in a year.