SUBMIT PHOTO: The logo design of SoftBank Group Corp is shown at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato/File Photo
Japan’s SoftBank Group has actually even more minimized its stake in beleaguered Indian payments firm Paytm to 2.83% from 5.01%, an exchange filing revealed on Thursday.
The corporation, which held 17.5% stake in Paytm in September 2022, has actually cut its ownership for more than a year through several free market offers, with its newest cut remaining in January.
While some international financiers like Warren Buffett’s Berkshire Hathaway and China’s Alibaba Group left the company in 2023, others, consisting of a Netherlands-based system of Chinese fintech company Ant Financial cut their stake.
Shares of Paytm were down 3.4% in afternoon trade.
The stock has actually fallen 48.5% and lost around 234 billion rupees ($2.8 billion) in worth because the Reserve Bank of India on Jan. 31 purchased the business to unwind its banking arm pointing out relentless non-compliance with guidelines.
Reuters
Printed by Unregistered user on Sat, 02 Mar 2024 00:05:32 GMT
This is your last complimentary story for the month. Register to continue reading our material