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Paytm Shares Slump 10% After SoftBank Unit Cuts Stake

  • SoftBank has sold a 4.5% stake in the Indian fintech firm
  • Paytm raised about $2.3 billion last year in India’s mega IPO
Updated on

Shares of One 97 Communications Ltd., the parent of India’s leading digital payments brand Paytm, plunged in Mumbai as a unit of Japan’s SoftBank Group Corp. lowered its stake in the company.

SoftBank’s SVF India Holdings (Cayman) Ltd. sold 29 million shares of Paytm at 555 rupees ($6.8) each, according to people familiar with the matter, raising 16.1 billion rupees. The trade -- equivalent to 4.5% of the Mumbai-listed firm’s equity capital -- pulled down shares 10%, their biggest slump since March 15.