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Alibaba’s fintech arm, Ant Financial, has likely sold a 4.1% stake in Paytm’s parent company, 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, 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…
