China’s Alibaba Group sells its entire remaining 3.4% stake in Paytm

China’s Alibaba Group has fully exited Indian digital payments firm Paytm, news agency ANI reported on Friday.

Alibaba had a 3.4 per stake, or 2.1 crore shares, in the Paytm’s parent company One97 Communications and they have changed hands today. At the end of December 2022, Alibaba had 6.26 per cent stake in the fintech firm and sold around 3 per cent of it in January.

After the stake sale in January, a PTI report had quoted a source as saying, “There was a big movement in Paytm’s stock today as a block deal took place where 2,59,930 shares were sold at Rs 535.90 worth Rs 13.93 crore. Chinese group Alibaba is behind the deal, selling up to 3.1 per cent of its total equity of about 6 per cent”.