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SoftBank Group, the Japanese conglomerate, has further decreased its stake in troubled Indian payments firm Paytm, as revealed in an exchange filing on Thursday.
The conglomerate’s ownership in Paytm has diminished to 2.83% from 5.01%, marking a continued divestment from the company’s shares.
SoftBank has been steadily reducing its stake in Paytm over the past year, with its most recent divestment occurring in January.
The conglomerate previously held a significant 17.5% stake in Paytm as of September 2022 and has pursued multiple open market deals to trim its ownership.
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SoftBank’s divestment follows similar moves by other global investors, such as Warren Buffett’s Berkshire Hathaway and China’s Alibaba Group, who exited their positions in Paytm in 2023.
Additionally, a Netherlands-based unit of Chinese fintech firm Ant Financial also reduced its stake in the company.
Paytm shares experienced a 3.4% decline in afternoon trading following the announcement of SoftBank’s stake reduction.
The stock has endured a significant downturn, plummeting by 48.5% and shedding approximately 234 billion rupees ($2.8 billion) in value since the Reserve Bank of India issued an order on January 31 to wind down Paytm’s banking arm due to persistent non-compliance with regulations.
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