As per NSE data, the UK-based hedge fund sold the shares of the fintech juggernaut at INR 428.05 apiece
The shares sold by Marshall Wace were lapped up by financial services company BNP Paribas’ affiliate BNP Paribas Financial Markets
Shares of Paytm were on an upward spiral in the past week on the back of positive developments around restructuring, closing the week 11.5% higher at INR 424.90 on the BSE
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Marshall Wace on Friday (June 14) offloaded 5.85 Lakh shares (5,85,938 to be precise) of fintech major Paytm in a block deal for INR 25.08 Cr.
As per the NSE data, the UK-based hedge fund sold the shares of the fintech juggernaut at INR 428.05.
The shares were lapped up by financial services company BNP Paribas’ affiliate BNP Paribas Financial Markets.
The development comes at a time when Paytm has been under selling pressure for some months now after the Reserve Bank of India (RBI) announced curbs on Paytm Payments Bank for “material supervisory concerns”.
However, the stock was on an upward spiral in the past week on the back of positive developments around restructuring, closing the week 11.5% higher at INR 424.90 on the BSE. The stock closed above the INR 400 level for the first time since April this year.
Earlier this week, Inc42 reported that the company was asking employees to resign voluntarily or face disciplinary action. The fintech major has also been looking to retrieve various bonuses already paid to the employees. However, the company denied the allegations.
On top of that, the company also announced its partnership with Samsung Wallet for flight, bus, movie, and event ticket bookings. With this partnership, Galaxy smartphone users can access Paytm’s services, including flight, bus, movies and event bookings, all integrated within the Samsung Wallet.
In addition, the Insurance Regulatory and Development Authority of India (IRDAI) also accepted Paytm General Insurance’s registration withdrawal application.
The fintech major now plans to focus on the distribution of insurance products of other insurers.
That said, Paytm is still trading over 33% lower year to date.
The fintech major’s net loss soared 3X to INR 550.5 Cr in the March quarter (Q4) of the financial year 2023-24 (FY24) compared to INR 167.5 Cr in the year-ago period. Meanwhile, revenue from operations also declined by 2.9% YoY to INR 2,267.10 Cr in the period under review.
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