Alibaba unit partially exits Paytm

Paytm, India’s leading digital payments brand, saw a partial exit by one of its early backers with a unit of Alibaba Group Holding Ltd selling a 3% stake in the fintech firm, according to people aware of the matter.

One 97 Communications Ltd, which operates Paytm, closed 6. 2% lower in Mumbai after 19. 2 million shares were sold in a block trade early Thursday, according to data compiled by Bloomberg. The sale was by an Alibaba unit the people said, asking not to be named, as the information regarding the seller is not public yet. The stock has struggled since its much-hyped trading debut in November 2021, in what was then India’s biggest initial public offering, raising $2. 5 billion. SoftBank Group Corp, another early investor, had lowered its stake in the firm in November after a lockup on its shares ended.