Warren Buffett’s Berkshire Hathaway exits Paytm, sells complete 2.46% stake
Paytm, in a large block deal on Friday, November 24. Berkshire Hathaway sold 1.56 crore shares or 2.5 per cent of equity worth nearly ₹1,370 crore at an average share price of ₹877.29, according to NSE data. Buffett had picked up a 2.6 per cen stake in Paytm in 2018, investing nearly ₹2,200 crore, valuing the leading fintech giant at $10–12 billion, according to reports.
Also Read: Paytm Q2 Results: Revenue rises 32% YoY on steady loan growth; losses narrow Paytm reported a 32 per cent year-on-year rise in its revenue to ₹2518.6 crore in the July-September quarter of fiscal 2023-24 (Q2FY24). The fintech major had reported revenue of ₹1914 crore in the year-ago period. The net loss (attributable to owners) narrowed down to ₹290.05 crore in the September quarter of current financial year.
The company reported a sequential rise of 7 per cent in its revenue from ₹2,341 recorded in June quarter of the current financial year. On a quarterly basis, Paytm reported a marginal increase of 7 percent as it saw its revenue recorded at ₹2,341 crore in the June quarter of current fiscal. During the last quarter, it reported a net consolidated loss of ₹357 crore.
Founded by Vijay Shekhar Sharma in 2000, One97 started out as a mobile payments and mobile recharge business and currently ranks among the top three consumer internet companies in the country. It has created a host of payment solutions where consumers can transact via the Paytm wallet and Paytm Payments Bank. On Friday, shares of Paytm opened at ₹922.75 and plunged more than 4 .5 per cent to hit an intra day low of ₹880.
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