Shares of One 97 Communications (Paytm) tanked nearly 9 per cent in Thursday’s trade amid reports the counter witnessed Rs 1,126 crore worth bulk deals earlier today. Alibaba is believed to be the seller. The scrip fell 8.82 per cent to hit a low of Rs 528.35 on BSE. It later recovered some ground but was still down 5.76 per cent at Rs 546.10.
As per CNBC-Awaaz, Alibaba has sold stake in Paytm worth Rs 1,126 crore via bulk deals. Alibaba may have sold 2 crore shares in Paytm today via bulk deals, CNBC-Awaaz said quoting sources. Th report further stated that nearly 3.1 per cent Paytm equity changed hands at an average price of Rs 540 per share. Bulk deal data is released on stock exchange post market hours.
Despite Thursday’s fall, the scrip was up 20 per cent from its 52-week low of Rs 439.60.
Read more: Paytm shares jump 4% after December quarter business update. Full details
The stock was recently in news after the company came out with its third quarter business update.
Paytm said total merchant gross merchandise value (GMV) processed through its platform aggregated to Rs 3.46 lakh crore ($42 billion) in December quarter, marking a 38 per cent YoY growth.
The company said its leadership in offline payments strengthened with deployment of 5.8 million devices in December. The company disbursed Rs 3,665 crore or ($443 million) worth of loans for the month, Paytm said.
Total disbursements for the December quarter stood at Rs 9,958 crore, a growth of 357 per cent YoY.
The number of loans grew 117 per cent YoY y to 37 lakhs for December and 137 per cent YoY to 1.05 crore cumulative loans for the December quarter.
As per ICICI Securities estimates, Paytm is likely to report a 46 per cent year-on-year (YoY) rise in revenues at Rs 2,125.70 crore compared with Rs 1,456.10 crore in the year-ago quarter. This brokearge expects Ebitda loss for Paytm declining to Rs 488.10 crore.