Alibaba exits Paytm, sells over 2 crore shares in block deal: Report

After Zomato and BigBasket, Alibaba sold its entire stake in One97 Communications (Paytm) in a block deal on Friday, stated a report. A total of 3.4 per cent equity or 2.1 crore shares changed hands in the block earlier today, the report suggested.

As per the report by ANI, with the stake sale Alibaba is no longer a stakeholder in Paytm. The company had sold 3.1 per cent of the 6.26 per cent equity in Paytm in January, it said.  Bulk and deal data for the day will be out post market hours.

Data showed a total of 4.73 crore shares changed hands on the Paytm counter on NSE. Total turnover on the counter stood at Rs 3,097 crore. A total of 19.61 lakh Paytm shares changed hands on BSE against a two-week average of 8 lakh shares, data suggested.

The scrip eventually closed the day at Rs 650.75, down 7.82 per cent. Despite this, the scrip is up 22 per cent in 2023 so far.

Paytm narrowed its losses to Rs 392 crore in the December quarter, down 50 per cent over the Rs 778.5 crore loss in the same quarter last year. Revenue for the SoftBank-backed firm jumped 42 per cent to Rs 2,062 crore from Rs 1,456 crore in the year-ago quarter.

The Vijay Shekhar Sharma-led company said it achieved Ebitda profitability before ESOP costs, three quarters ahead of its guidance and reported Ebitda before ESOP of Rs 31 crore in Q3FY23.

Also read: Multibagger IPO stock hits upper circuit after bonus, stock split announcement

Also read: YES Bank, PB Fintech, GMM Pfaudler, Paytm, NDTV: Stocks that FIIs bought & sold in Q3