Paytm shares crash 10% after 4.5% of company’s equity capital changes hands on NSE

NEW DELHI: Shares of One97 Communications Ltd, owner of Paytm, dipped 10 percent to Rs 541 on the Bombay Stock Exchange during intra-day trade after Bloomberg reported that Softbank has announced a large stake sale via a block deal.

Nearly 29.5 million shares, equivalent to 4.5% of the company’s equity capital, were traded in a single block on the NSE, according to data compiled by Bloomberg.

Softbank is conducting a series of divestments, after its unit Vision Fund booked almost $50 billion in losses over the period of six months.