The group, through its entity Alibaba.com Singapore E-Commerce, sold 1,92,00,000 shares of the company at Rs 536.95 a share, bulk deals data showed. The group sold the stake at a steep discount of over 7% to Wednesday’s closing price of Rs 579.15.
As of September-end, Alibaba Group held 6.3% stake in the company, whose shares have been one of the major laggards in 2022.
The stake sale at such a steep discount dragged down the stock sharply in trade on Thursday. The stock ended 6.2% lower at Rs 543.20 on the National Stock Exchange.
Bulk deals data showed that two foreign funds bought some stake in One97 Communications.
Morgan Stanley, through its affiliate Morgan Stanley Asia (Singapore) Pte, bought 54,95,000 shares or 0.8% stake, and US-based investment management firm Ghisallo Capital Management purchased 49,80,000 shares or 0.7% stake, at Rs 534.80 a share.
Shares of the online payment gateway services provider plunged over 60% in 2022 due to the global rout in high value technology stocks amid high interest rates and economic slowdown. Alibaba Group has been offloading stakes in listed new-age technology companies in India due to sharp erosion in the value of its investments. The Group had offloaded 3% stake in online food delivery aggregator in November, that fetched Rs 1,600 crore.
In the last few months, several large global funds have sold stakes in many of the highly-valued new-age technology companies. The total holding of foreign institutional and foreign portfolio investors in Paytm parent was over 77% as of September-end.
Besides Alibaba Group, Softbank and Societe Generale, too, have sold stakes in One97 Communications.
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