Alibaba Group sells 3.4% stakes in block deal, Paytm shares fall 7.82%

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 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 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 a 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.
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.