Alibaba Sells Out Of Paytm In Block Deal: Report

China’s Alibaba Group has sold its remaining stake in Indian digital payments firm Paytm through a block deal, news agency ANI reported on Friday, citing sources with knowledge of the matter.

Paytm’s stock tumbled as much as 9.3% to 640 rupees.

Over 22.8 million shares of Paytm, or about 3.5% of the company’s total share capital, changed hands in 15 blocks at a price between 690.25 rupees and 655 rupees as of 10:54 a.m. IST (0524 GMT), according to Refinitiv data.

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, a source with direct knowledge of the matter had told Reuters. Before that, the Chinese firm had a 6.26% stake in Paytm.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)