China’s Alibaba Group sold a 3.1% stake in Indian digital payments firm Paytm worth $125 million through a block deal on Thursday, a source with direct knowledge of the matter told Reuters.
Alibaba, which held a 6.26% stake in Paytm as at end-September, sold the stake at 536.95 rupees apiece, the source said.
Paytm’s stock fell as much as 8.8% to 528 rupees in afternoon trading, and was last down 5.8% as of 2:37 p.m. IST.
Morgan Stanley advised Alibaba on the deal, the source said.
Alibaba and Morgan Stanley did not immediately respond to Reuters’ requests for comment.
Source: Business-Standard