Alibaba sells Paytm shares

Shares of One97 Communications, tanked at the stock exchanges on Thursday, on reports of Chinese conglomerate Alibaba selling nearly half of its stake — 3.1 per cent — in the parent company of Paytm.

Alibaba held 4.06 crore shares comprising 6.26 per cent of the equity of Paytm at the end of the second quarter (September) of this fiscal.

However, Alibaba group firm Ant Financial Holdings — which holds 16.14 crore shares or 24.88 per cent in Paytm — did not dilute its stake in the company on Thursday.