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Alibaba Has Sold All Paytm Shares For $167M

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Alibaba Group sold its remaining stake in Indian digital payments firm Paytm for 13.78 billion rupees ($167.14 million) through a block deal.

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The sale was conducted by Alibaba.com Singapore E-Commerce Pvt Ltd.

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21.4 million shares were sold at a 9% discount to Thursday's close.

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The exit comes after Paytm posted its first-ever quarterly operating profit as a listed firm.

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Paytm's stock dropped 8% on the day of the sale but is still up 23% year-to-date.

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Morgan Stanley Asia (Singapore) bought 5.42 million shares of Paytm at 640 rupees on the same day.

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The reason for Alibaba's sale is not clear.

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In January, Alibaba sold a 3.1% stake in the company worth $125 million.

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Prior to the sale, Alibaba had a 6.26% stake in Paytm.

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Paytm and Alibaba did not respond to Reuters requests for comment.

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