Alibaba sells 3% stake in large block deal -Paytm shares down 9%

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The last month announced an Rs 850 crore share buyback programme, have so far plunged around 74.5% from its IPO issue price of Rs 2,150.Shares of Paytm.

Reuters reports, Alibaba, which held a 6.26% stake in Paytm as of end-September, sold 3.1% stake in the company for a total of $125 million through a block deal at a price of Rs 536.95 per share.

  • In a recent report, brokerage firm Morgan Stanley said the fintech would be a key beneficiary of India’s UPI incentive scheme of Rs 2600 crore for the promotion of RuPay Debit Cards and low-value BHIM-UPI transactions (P2M) for FY23.

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