Paytm shares tank 11% as lock-in period ends
Shares of One97 Communications, Paytm’s parent firm, on Thursday tumbled nearly 11 per cent following reports that Japan-based SoftBank has started the process to sell a 4.5 per cent stake in the company in a block deal.
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New Delhi: Shares of One97 Communications, Paytm's parent firm, on Thursday tumbled nearly 11 per cent following reports that Japan-based SoftBank has started the process to sell a 4.5 per cent stake in the company in a block deal.
The stock tanked 10.31 per cent to settle at Rs539.55 on the BSE. During the day, it went lower by 11 per cent to Rs535.20. At the NSE, it fell 10.78 per cent to settle at Rs536.60, a fall of 74.23 per cent as against Paytm's offer price band was Rs2,080-Rs2,150 per share.
The company's market valuation eroded by Rs4,021.85 crore to Rs35,013.52 crore on the BSE. On traded volume terms, 43.24 lakh shares were traded at the BSE and over 5.72 crore shares at the NSE during the day.
SoftBank has started the process to sell a 4.5 per cent stake in One97 Communications for about $200 million (Rs1,627 crore) in a block deal, according to sources.
