Paytm Shares Continue To Sink As SoftBank Sells Another 2% Stake

  • Benzinga India
  • Stock Market News
Paytm Shares Continue To Sink As SoftBank Sells Another 2% Stake
Credit: © Reuters.

Benzinga - Paytm (NS: PAYT )‘s share price continued to trail in the red as one of its early backers cut down its stake further.

What Happened: SoftBank affiliate, SVF India Holdings has decreased its stake from 5.01% to 2.83% by selling 1.38 crore shares via open market transactions between January 23 and February 26. This comes a month after the entity had disclosed selling another 2% stake in the troubled fintech giant.

SoftBank had sold another 2% stake during the December-January period bringing down its shareholding from around 7% to 5%.

Ever since the RBI came down hard on Paytm Payments Bank for regulatory lapses, shares of Paytm have taken a sharp tumble at the bourses. In the last 30 days, the Paytm’s share price is down around 50%.

Several brokerages have also changed their stance on the payment giants citing the regulatory worries. One of Paytm’s early backers SoftBank held an 18.5% stake in the company around the time of its IPO in 2021. It has since engaged in multiple stake sales, leading to a significant decrease in its ownership percentage in the company.

Price Action: Paytm’s share price was down 3.91% to trade at ₹390 in the late hours of trading on Thursday.

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