Alibaba exits India, offloads remaining 3.4% Paytm stake

Paytm shares slumped close to 9 per cent Friday after Chinese e-commerce giant Alibaba offloaded its entire holding in the online payments aggregator.

According to data from NSE, Alibaba sold 21,431,822 shares of Paytm’s parent One97 Communications in a bulk deal on Friday, translating to about a 3.4 per cent equity stake. Shares of One 97 tanked 8.75 per cent on the BSE. The company saw a Rs 3,520-crore wipe-out in market capitalisation.

Alibaba had, in January, already pared 3.1 per cent of its 6.26 per cent holding in Paytm. The Chinese company has been exiting its India investments, having already offloaded its stakes in Zomato and BigBasket.