At Rs 535.9 per share, Alibaba sells nearly half of its direct interest in Paytm
However, Ant Financial, an Alibaba group company, has not diminished its investment in Paytm and continues to own 25% of the company.
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According to sources, Chinese company Alibaba has sold a 3.1 percent interest - nearly half of its direct shareholding - in digital financial services provider One97 Communications as a signal of abandoning the Indian market.
However, Ant Financial, an Alibaba group company, has not diminished its investment in Paytm and continues to own 25% of the company.
"Paytm's stock jumped today after a block sale in which 2,59,930 shares were sold for Rs 535.90, worth 13.93 crore rupees. Alibaba is driving the transaction, selling up to 3.1% of its total stock of around 6% "PTI spoke with a Paytm source who is closely monitoring the situation.
This follows Alibaba's equity sales in BigBasket and Zomato. "Alibaba appears to be exiting India as it has sold shares in other investments," a source added.
On the BSE, the company's shares finished at Rs 542.25 per share.
Paytm's stock has risen after its subsidiary Paytm Payments Bank gained RBI approval to appoint Surinder Chawla as Managing Director and CEO.
