Paytm shares tumble 5 per cent; hit fresh lower circuit level

The stock dropped 4.99 per cent to Rs 823.10 on the BSE. At the NSE, it tanked 4 per cent to Rs 830.55. Ant Group is likely to offload up to 4 per cent stake worth about Rs 2,066 crore in One97 Communications, according to sources

New Delhi: Shares of One97 Communications, the owner of the Paytm brand, declined 5 per cent on Tuesday morning trade amid reports that financial Services company Ant Group is likely to offload up to 4 per cent stake worth about Rs 2,066 crore in the fintech firm.

The stock dropped 4.99 per cent to Rs 823.10 on the BSE. At the NSE, it tanked 4 per cent to Rs 830.55. Ant Group is likely to offload up to 4 per cent stake worth about Rs 2,066 crore in One97 Communications, according to sources.

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The sale will be executed through bulk deals on BSE and NSE on May 13, and involves the sale of up to 25.5 million shares of the Noida-based Paytm, they added.

Ant Group, formerly known as Ant Financial, is an affiliate company of the Chinese conglomerate Alibaba Group. Investment banking firms Goldman Sachs (India) Securities Pvt Ltd and Citigroup Global Markets India Pvt Ltd are the placement agents for the stake sale, as per the sources.

At the end of the March quarter, Antfin (Netherlands) Holding BV owned a 9.85 per cent holding in digital payments firm Paytm, as per shareholding data pattern on the BSE.