Alibaba sells its entire stake in PayTm
As per the exchange reports - Alibaba, the Chinese multinational, has sold its entire stake in One97 Communications (Paytm) in a block deal on Friday.
A total of 3.4% equity or 2.1 crore shares changed hands in the block earlier today, the report suggested. The sell-off concludes Alibaba's investment in PAYTM and the Chinese conglomerate is no longer a stakeholder in Paytm.
Paytm has turned profitable in this quarter and such type of companies take lot of time to get profitable as these are internet based companies.
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