Alibaba sells remaining stake in top Indian online payment provider Paytm | CNN Business

Chinese e-commerce giant Alibaba has sold its remaining stake in Paytm, India’s top digital payment app, as it gradually divests from its Indian investments amid friction between Beijing and New Delhi. Alibaba.com Singapore E-commerce Private Ltd sold 21.43 million shares of One 97 Communications, the parent company of Paytm, at 642.74 rupees apiece, according to Friday data from India’s National Stock Exchange . The deal is worth about 13.77 billion rupees , according to CNN calculations.

Ant Group, which operates China’s leading digital payment app Alipay, remains Paytm’s largest shareholder with a 25% stake, according to the most recent data from Refinitiv Eikon. Alibaba has gradually exited its investments in India, after New Delhi imposed restrictions in 2020 that made it difficult for Chinese investors to invest in Indian firms.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Indian shares fall ahead of inflation data; Adani stocks slideIndian shares were off to a muted start on Monday, ahead of domestic retail inflation data due later in the day and U.S. inflation data due tomorrow, while the ongoing uncertainty and spillover effects from the Adani Group's market rout continued to create an overhang. Global BIDENFLATION
Source: Reuters - 🏆 2. / 97 Read more »