BENGALURU: China’s Alibaba Group has sold its remaining shares in Indian digital payments company Paytm for around Rs13.78 billion or $167.14 million.
The departure occurs only days after Paytm reported its first operational profit as a publicly traded company for a quarter, nine months ahead of schedule.
Alibaba.com, Singapore’s E-Commerce Pvt. Ltd sold 21.4 million shares of Paytm on Friday at a price of Rs642.74 each. The price of Paytm’s shares fell by about eight percent on Friday to settle at Rs650.55 although it is still up by almost 23 percent year to date.
The data revealed that on Friday Morgan Stanley Asia (Singapore) purchased 5.42 million Paytm shares for Rs640 each.
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Alibaba made a block sale of 3.1 percent of the business in January for a total of $125 million. Prior to that, the Chinese company owned 6.26 percent of Paytm.
Alibaba claims to be exploring a ChatGPT-style service as interest in AI grows. Since listing the stock has dropped almost 70 percent and in 2022 it fell 60 percent.
