Paytm shares tank over 2% after SoftBank sells more stake

SoftBank arm SVF India Holdings has offloaded more shares of fintech unicorn Paytm.

Shares of One 97 Communications were trading more than 2 per cent lower on Tuesday, July 18 after SoftBank entity sold 2.01% stake in Paytm, reducing the Japanese investment firm's stake in the company to 9.15%.

SoftBank has sold 12,771,434 equity shares in the fintech major's parent company One97 Communications via open market operations between May 9, 2023 and July 13, 2023, One97 Communications said in a regulatory filing on Tuesday.

This is the first time that Softbank has managed to sell Paytm's stock at a profit since the company got listed in November 2021, according to media reports.

The investment firm has been offloading stakes in Paytm since November 2022 through open market transactions or block deals. It had sold 4.5 per cent in November 2022 and another 2.07 per cent in the first half of 2023.