Shares of One 97 Communications Ltd., the parent company of Paytm fell over 9 percent on Tuesday after reports suggest that the National Payments Corporation of India (NPCI) is considering imposing a limit on payments by UPI apps.
Japan’s Softbank Group, which has been an early investor in the payments services provider, on November 17, sold a 4.5 percent stake in the company at a price of Rs 555.67 through a block deal.
Softbank sold 29.35 million shares for a total consideration of $200 million. Softbank owns 12.95 percent stake in Paytm post block deal. There is a 60 day lock in for further sale of Softbank stake.
Paytm has said that the company is focusing on achieving the September 2023 target of achieving breakeven on an adjusted EBITDA basis.
Among other major stakeholders, Alibaba.Com Singapore E-Commerce Pvt. Ltd., which owns 6.26 percent while Antfin (Netherlands) Holding BV has a 24.88 percent stake.
Shares of Paytm are trading 9 percent lower at Rs 488.05.
