Alibaba exits Paytm, sells remaining 3.3% stake for Rs 1,378 crore

Shares of One 97 Communications (Paytm) slumped nearly 8 per cent on Friday as China’s Alibaba Group sold its remaining stake in the company. The stock ended at Rs 651, down 7.8 per cent over its previous day’s close on the NSE, where over Rs 3,000 crore worth of equity changed hands.

The data released by exchanges showed Alibaba sold 3.3 per cent stake, or 21.43 million shares, at Rs 643 apiece for a total of Rs 1,378 crore. Morgan Stanley picked up about 0.8 per cent stake for Rs 314 crore.