Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolio

Japan's SoftBank cuts stake in India's Paytm to under 3%

Published 02/29/2024, 01:54 AM
Updated 02/29/2024, 02:41 AM
© Reuters. FILE PHOTO: Paytm app is seen on a smartphone in this illustration taken, July 13, 2021. REUTERS/Dado Ruvic/Illustration/File Photo
9984
-
PAYT
-

BENGALURU (Reuters) -Japan's SoftBank (TYO:9984) Group has further reduced its stake in beleaguered Indian payments firm Paytm to 2.83% from 5.01%, an exchange filing showed on Thursday.

The conglomerate, which held 17.5% stake in Paytm in September 2022, has trimmed its ownership for more than a year through multiple open market deals, with its most recent cut being in January.

While some global investors like Warren Buffett's Berkshire Hathaway (NYSE:BRKa) and China's Alibaba (NYSE:BABA) Group exited the firm in 2023, others, including a Netherlands-based unit of Chinese fintech firm Ant Financial cut their stake.

Shares of Paytm were down 3.4% in afternoon trade.

The stock has fallen 48.5% and lost around 234 billion rupees ($2.8 billion) in value since the Reserve Bank of India on Jan. 31 ordered the company to wind down its banking arm citing persistent non-compliance with regulations.

($1 = 82.9220 Indian rupees)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.