Shares of Indian digital payments and financial services company, Paytm, on Thursday fell nearly 9% following a block deal on the stock exchanges. The great deal happened during the second half of the day. Paytm has been in focus since its inception 850 crore buyback plan to drive long term value creation. However, Paytm shares are currently trading near the day’s low.
Paytm stock declined till the time of writing the news 35.85 or 6.19% to trade 543.65 per share on BSE. The stock has fallen over 8.8% on Dalal Street, hitting a day’s low 528.35 each.
China-backed Alibaba sold a 3.1% stake in Indian digital payments firm Paytm through a block deal on Thursday valued at $125 million, a source with direct knowledge of the matter told Reuters. The report said that Alibaba, which held 6.26% stake in Paytm till the end of September, sold the stake for Rs 536.95, said the source.
Alibaba and Morgan Stanley did not immediately respond to Reuters requests for comment.
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