SoftBank has announced the sale of shares worth $215 million in the company.
SoftBank is running a series of disinvestment in it.
Paytm’s stock has reached very close to its all-time high.
New Delhi. See, the same thing happened, which was feared. Today Paytm’s share (Paytm share price) has broken up to 9 percent. This big fall came when the lock-in period of 1 year has ended. As soon as this time period ends, veteran investor Softbank has announced the sale of shares worth $ 215 million in the company.
Shares of Paytm fell 9% to Rs 546 on BSE on Thursday. SoftBank announced the sale of a major stake in One 97 Communications, the parent company of this financial services app, through a block deal. The stock fell 4 per cent on Wednesday as well.
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50 billion dollar loss in 6 months
As the stock price is below Rs 560, investors are rushing to exit their holdings. The sale of 2.9 crore shares in the price band of Rs 555-601 is to be completed on Thursday. SoftBank is running a series of disinvestments in it, its Unit Vision Fund has taken a loss of about $ 50 billion in a period of 6 months.
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near its all time low
The news of the share sale came after the lock-in period for Paytm’s IPO investors ended. A 97 Communications stock closed 4% lower at Rs 601 on Wednesday. This level was at a new intraday low of 5 months. Looking at today’s decline, the stock has reached very close to its all-time high. It had made a record low of Rs 510.90 on May 12 this year. Paytm’s IPO price was Rs 2,150, but currently the stock has fallen by more than 72 per cent.
Despite the poor performance of Paytm shares since listing, analysts at ICICI Securities are bullish on the stock. He believes that the company can achieve operating profit before Q2FY24. The brokerage has given a target of Rs 1,285 while retaining its buy call on it.
Tags: business news, Paytm, Paytm’s Vijay Shekhar Sharma, share market, stock market
FIRST PUBLISHED : November 17, 2022, 12:39 IST