Alibaba Pares Stake In Indian Payments Firm Paytm

On Jan 12, Alibaba Group Holding Limited BABA sold a 3.1% stake in Indian digital payments firm Paytm for $125 million through a block deal.
Alibaba, which held a 6.26% stake in Paytm as of end-September, sold the stake at ₹536.95 a piece, Reuters reports.
Morgan Stanley MS reportedly advised Alibaba on the deal.
Paytm reported strong preliminary figures for the third quarter.
Formally known as One97 Communications, Paytm was listed in 2021 after a $2.5 billion initial public offer (IPO).
The stock has plunged around 75% from its IPO offer price as investors started questioning the company's monetization plans amid worries about sky-high valuations of tech companies and economic recession concerns, the report adds.
In November, Softbank Group Corp SFTBF SFTBY sold a 4.5% stake in Paytm worth $200 million. SoftBank reportedly held a 17.5% stake in Paytm as of Sept 30, 2022.
Price Action: BABA shares traded lower by 0.96% at $113.92 in the premarket on the last check Thursday.
Photo by Sasha India via Flickr