The Chinese giant Alibaba Group was backing the very popular Paytm payments app in India and now the Chinese group has said that it has sold its remaining stock in the Indian digital payments company.
Alibaba group has sold its remaining stake for about Rs. 1,378 crore and the same has done through a block deal, stock exchange data showed. It is worth mentioning that the exit comes days after Paytm posted its first-ever quarterly operating profit as a listed firm before nine months of its own target.
There is no information available about the reason behind the decision at this moment. Having said that, Morgan Stanley Asia (Singapore) Pte bought 5.42 million shares of Paytm at Rs. 640 on Friday, the data showed.
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