Mar 15, 2023
Paytm shares partly recover Friday’s loss from Alibaba’s entire stake sale, jump 4% today
Paytm shares recovered partly today after sinking 9% on Friday after the Chinese e-commerce giant Alibaba offloaded its entire holding in the online payments aggregator. Paytm shares rose 4.28% to Rs 678.00 on BSE in an otherwise negative market with Sensex and Nifty 50 falling half a percent. Alibaba offloaded 21,431,822 shares of Paytm’s parent One97 Communications in a bulk deal on Friday, translating to about a 3.4% equity stake. The company saw a Rs 3,520 crore wipe-out in market capitalisation on Friday, according to data. Alibaba in January already pared 3.1% of its 6.26% holding in Paytm. The Chinese company has been exiting its India investments, having already offloaded its stakes in Zomato and BigBasket earlier.
One97 communications Ltd (parent company of Paytm) shares have been falling since it launched its Rs 18,300 crore IPO in November 2021 at an issue price of Rs 2150 per share. The shares were listed at a 9% discount at Rs 1950 and then sank to Rs 1500. In just one year, shares tanked 77%, reaching an all-time low of Rs 439.60 on 24 November 2022. Its full market capitalization at present is Rs 42,755.42 crore, according to BSE.
More Details