Alibaba exits India's Paytm, selling shares for $167 mn
The Hindu
The stock has declined around 70% since listing, and tumbled 60% in 2022
China's Alibaba Group has sold its remaining stake in Indian digital payments firm Paytm for about ₹13.78 billion ($167.14 million) through a block deal, stock exchange data showed on Friday.
The exit comes days after Paytm posted its first-ever quarterly operating profit as a listed firm, nine months ahead of its own target.
Alibaba.com Singapore E-Commerce Pvt Ltd sold 21.4 million shares of Paytm on Friday at ₹642.74 apiece, a 9% discount to Thursday's close, NSE stock exchange data showed.
Paytm's stock tumbled nearly 9% on Friday to close at ₹650.20 on the BSE, but it is still up nearly 23% so far this year.
Morgan Stanley Asia (Singapore) Pte bought 5.42 million shares of Paytm at ₹640 on Friday, the data showed.
It was not immediately clear why Alibaba sold the stake. Paytm and Alibaba did not immediately respond to Reuters requests for comment.
In January, Alibaba sold a 3.1% stake in the company through a block deal worth $125 million. Before that, the Chinese firm had a 6.26% stake in Paytm.
ICAI President Charanjot Singh Nanda highlights importance of tax audits, AI in accounting, and work-life balance for CAs.
RBI Bulletin highlights economic momentum, potential risks, and growth prospects for India amid global uncertainties.
Google opens Ananta, its largest office globally in Bengaluru, showcasing commitment to India's tech advancement and innovation.
Infosys denies using force in trainee layoffs, assures 20,000 freshers hiring, and cooperates with Labour Department.
Sensex and Nifty dip marginally as IT stocks drag, with Sensex closing at 75,967.39 and Nifty at 22,945.30.
Sensex and Nifty recover from early losses, driven by bank stocks and foreign fund inflows.
Tesla plans to open showrooms in New Delhi and Mumbai, moving closer to selling electric cars in India.
Bookings open for Toyota Land Cruiser 300 SUV with powerful twin-turbo V6 engine, luxury features, and off-road capability.
According to KASSIA, KIADB allocates plots at provisional rates and after allotment, the land rates are increased substantially on a regular basis.
Thinking Machines Lab by former OpenAI CTO Mira Murati has tapped about 30 leading researchers and engineers from OpenAI, Meta and Mistral.
India Justice Report 2025-26 reveals declining budget allocations for justice-related schemes, with underutilization of funds in recent years.
SEC seeks Indian assistance in investigating Adani Group for securities fraud and bribery scheme, ongoing efforts to serve complaint.
2025 TVS RONIN: Retro aesthetics meet cutting-edge technology with vibrant colors and enhanced safety features.