Alibaba’s total stake in Paytm was 6.26% as of December last year. Earlier, in January 2002, Alibaba had to sell three percent stake in the open market and sold the remaining stake on Friday.
Paytm was seeing a boom in cities till Thursday, investors felt that this boom could continue because all brokerage agencies had given a good rating to Paytm. But on Friday, Paytm’s share fell, the reason for which has now been revealed.
Shares of Paytm’s parent company One 97 Communications fell by about 7.8% on Friday, closing at Rs 650 while the share opened at Rs 705. Paytm’s share fell by 9% in intraday trading that day. The fall in share price is believed to be due to the block deal in which Chinese company Alibaba Group sold its entire stake in Paytm
Chinese company tag dropped from Paytm
Let us tell you that till now Chinese company Alibaba had an investment in Paytm, due to which many politicians and people were also calling Paytm a Chinese company on social media. However, Paytm started in India and its founder is Vijay Shekhar Sharma.
Paytm made investors cry
Let us tell you that Paytm was listed in the year 2020 and with the listing, there is a decline in the price of Paytm’s shares. Since the listing of Paytm, Paytm’s shares have fallen by 58%.
Paytm’s price may increase, agency predicts
Recently, news is coming that Paytm has made a profit in the last quarter, due to which the price of Paytm may increase and companies like JP Morgan and Goldman Sachs have set the target price of Paytm at 950 and 1150.
