Paytm shares crash again, why did Goldman Sachs sell 44 lakh shares of Paytm?

 | 
aa

Goldman Sachs: Paytm said that the talks with Zomato are still in the initial stages and no final decision has been made yet. If this deal happens, it will be Zomato's biggest acquisition to date.

aa

Paytm Share Price: Shares of One 97 Communications, the company that owns Paytm, are seeing a decline on Wednesday. This decline in Paytm shares is being seen after Goldman Sachs Singapore reduced its stake. Goldman has sold 44.20 lakh shares of Paytm for Rs 183.44 crore through a bulk deal. The private equity firm has sold Paytm shares at Rs 415.04. Goldman Sachs Singapore had 84,01,067 shares (1.32%) in the fintech payment platform before the bulk deal.

After two days of rise in the stock, there is a decline

The news of a bulk deal of Paytm shares has come after the stock has risen for two days. This rise in Paytm shares has come after the news of selling movie ticketing business to Zomato in the past few days. A statement came from Zomato that we are in talks with Paytm regarding the deal. But no final decision has been taken regarding this yet. For this, a decision will be taken as per the board's approval and rules. After taking the decision, information will be given by the company in this regard.

Talks with Zomato are still in the initial stage

In a statement given by Zomato, it was said that this discussion is to further strengthen our 'going-out' business. Currently, our focus is on four major businesses. Paytm said that the talks with Zomato are still in the initial stage and no final decision has been taken yet. If this deal happens, it will be Zomato's biggest acquisition to date. Earlier, Zomato bought Uber Eats in 2020 and merged Blinkit (formerly Grofers) in 2021.

Share Status:

On Wednesday, Paytm's share opened with a slight increase at Rs 419.30. But later it is seeing a decline. During the trading session, it reached a high level of Rs 423 and later fell to Rs 404.15. The 52-week high level of Paytm's share is Rs 998 and the low level is Rs 310. With this decline, the company's market cap has fallen to Rs 25,938 crore.