Shares of One97 Communications Ltd. plunged on Thursday, after Japanese venture capital firm SoftBank Group sold 4.5% of its stake in the company.
The pre-IPO investors' lock-in period expired on Nov. 15.
In opening trade, SoftBank sold as many as 2.95 crore shares, equaling to 4.5% equity, which changed hands in a large trade at a price of Rs 563 apiece, according to Bloomberg.
The stake sold at the lower end of the band, earning Rs 1,660 crore. SoftBank was looking to sell the shares at a price band of Rs 555-601.45 per share.
SoftBank now holds 8.4 crore shares, or 12.9% stake, after the sale.
In 2017, SoftBank invested at least $1.4 billion in Paytm. In August this year, it marked down its investment in the firm by $400 million.
Paytm's stock fell as much as 11.05% during early trade to Rs 535 apiece. That's the most the stock has slid since July 29.
It closed at Rs 539.8, 10.3% lower on Thursday, the lowest levels since May 12.
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