Alibaba’s fintech arm, Ant Financial, data-ga-onclick=”Inarticle articleshow link click#Tech#href” href=”https://economictimes.indiatimes.com/markets/stocks/news/ant-financial-to-sell-shares-worth-rs-2200-crore-in-paytm-parent/articleshow/121122947.cms” data-type=”tilCustomLink” target=”_blank”>has likely sold a 4.1% stake in rel=”dofollow” href=”https://economictimes.indiatimes.com/one97-communications-ltd/stocks/companyid-2017785.cms” data-ga-onclick=”Inarticle articleshow link click#Tech#href” target=”_blank”>Paytm’s parent company, rel=”dofollow” href=”https://economictimes.indiatimes.com/one97-communications-ltd/stocks/companyid-2017785.cms” data-ga-onclick=”Inarticle articleshow link click#Tech#href” target=”_blank”>One97 Communications, through a block deal, according to market sources. This move aligns with Chinese companies’ ongoing efforts to reduce their exposure to Indian investments amid geopolitical tensions.
The news triggered a significant drop in Paytm’s stock, data-ga-onclick=”Inarticle articleshow link click#Tech#href” href=”https://economictimes.indiatimes.com/markets/stocks/news/paytm-shares-in-focus-after-ant-financial-plans-rs-2200-crore-stake-sale-via-block-deals/articleshow/121124941.cms” data-type=”tilCustomLink” target=”_blank”>which plummeted 5% to hit a day’s low of Rs 823.10 on the BSE during early Tuesday trade.
Deal details
- Stake sold: 1.7 crore shares
- Value: Rs 2,200 crore
- Remaining stake: Below 5% (down from…
