Paytm shares extended their decline for a third consecutive trading session on Tuesday after 18.9 million shares, or 2.95% of the company's equity, changed hands in a block trade. The stock fell as much as 1.7% during the session.
The decline came amid weak demand for the block, while the seller did not exercise the greenshoe option, according to people familiar with the matter. More block trades from Saif Partners and Antfin are expected over the next six months, the people said.
Trading volume in Paytm was more than double its 20-day average, according to Bloomberg data.
The stock has gained 33% over the past 12 months. It is down 2% over the past five days but remains 16% higher over the past 30 days.
Among the 23 analysts tracked by Bloomberg, 17 have a Buy rating on the stock, five have a Hold rating and one has a Sell rating.
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