BENGALURU (Reuters) – China’s Alibaba Group sold a 3.1% stake in Indian digital payments firm Paytm worth $125 million through a block deal on Thursday, a source with direct knowledge of the matter told Reuters.
Alibaba, which held a 6.26% stake in Paytm as at end-September, sold the stake at 536.95 rupees apiece, the source said.
Paytm’s stock fell as much as 8.8% to 528 rupees in afternoon trading, and was last down 5.8% as of 2:37 p.m. IST.
Morgan Stanley advised Alibaba on the deal, the source said.
Alibaba and Morgan Stanley did not immediately respond to Reuters’ requests for comment.
(Reporting by Sriram Mani in Mumbai, Nishit Navin in Bengaluru)
