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Bloomberg
Shares of One 97 Communications Ltd., the parent of India’s leading digital payments brand Paytm, plunged in Mumbai as a unit of Japan’s SoftBank Group Corp. lowered its stake in the company.
SoftBank’s SVF India Holdings (Cayman) Ltd. sold 29 million shares of Paytm at 555 rupees ($6.8) each, according to people familiar with the matter, raising 16.1 billion rupees. The trade pulled down shares 10%, their biggest slump since March 15.
Representatives for SoftBank and Paytm declined to comment on the pricing.
Norges Bank, Segantii Capital Management Ltd., Millennium Management LLC, LMR Partners and Ghisallo Capital Management LLC were buyers of SoftBank’s stake in Paytm, a person familiar with the matter told Bloomberg News, asking not to be named as the information is private.