Alibaba Exits Indian Payments Giant With $167 Million Share Sale

Alibaba Group Holding Ltd. offloaded its remaining 3.3% stake in the parent of Indian digital payments provider Paytm in a 13.8 billion rupees ($167 million) block trade, following recent sell-downs of its position in the South Asian country.

The Chinese tech major sold more than 21.4 million shares in One 97 Communications Ltd. held by its unit Alibaba.com Singapore E-Commerce Pte. Ltd. It sold the stock at 642.74 rupees apiece on Friday, according to National Stock Exchange of India (NSE) data. The price offered a steep 10% discount to Thursday’s close.