Alibaba sold its entire stake in One97 Communications (Paytm) in a block deal on Friday, following Zomato and BigBasket. According to the report, 3.4 percent equity or 2.1 crore shares changed hands in the block earlier today.

According to ANI, with the stake sale, Alibaba is no longer a shareholder in Paytm. According to the company, it sold 3.1 percent of its 6.26 percent stake in January. After market hours, bulk and deal data for the day will be released.

Reports indicate that 4.73 crore shares changed hands on the Paytm counter on the NSE.

The total turnover on the counter was Rs 3,097 crore. Also, 19.61 lakh Paytm shares changed hands on the BSE, compared to a two-week average of 8 lakh shares. The stock eventually closed the day down 7.82 percent at Rs 650.75. Despite this, the stock is up 22% so far in 2023.

Paytm reduced its losses in the December quarter to Rs 392 crore, a 50% decrease from the Rs 778.5 crore loss in the same quarter last year. SoftBank-backed firm’s revenue increased 42% year on year to Rs 2,062 crore from Rs 1,456 crore. Paytm reported that it achieved Ebitda profitability before ESOP costs three quarters ahead of its guidance, with Ebitda before ESOP of Rs 31 crore in Q3FY23.

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