
Warren Buffett's Berkshire Hathaway exits Paytm; stock drops 1%
Berkshire Hathaway sold 1.56 crore shares or 2.5% stake in Paytm at an average price of ₹877.29 per share via block deal on November 24.
Berkshire Hathaway sold 1.56 crore shares or 2.5% stake in Paytm at an average price of ₹877.29 per share via block deal on November 24.
Bernstein has also revised the target price of Paytm to ₹1,100 per share, a potential upside of 31% from its current market price.
Paytm founder and CEO Vijay Shekhar Sharma will acquire 10.30% stake in the company from Antfin, via his 100% owned overseas entity, Resilient Asset Management B.V.
The fintech company reported merchant payment volume growth of 39% YoY to ₹1.47 lakh crore in the month of July.
In Q1 FY24, Paytm’s consolidated net loss stood at ₹357 crore compared to loss of ₹644 crore in the corresponding period last year and ₹168 crore in the March quarter of FY23.
The fintech company disbursed ₹5,502 crore loans in May through Paytm platform, while for quarter to date (for April & May 2023) it stood at ₹9,618 crore.
SVF India Holdings (Cayman)Ltd, a SoftBank arm, sold a 2.07% stake in Paytm between February 10 to May 8, 2023.
The net loss of the fintech major dropped to ₹168.4 crore in Q4FY23, against a loss of ₹761.4 crore in the same period of the previous year.
The stock price got a boost amid a report that Sunil Mittal is seeking a stake in Paytm by merging his financial services unit into Paytm Payments Bank.
The total loan disbursements grew 357% YoY to ₹9,958 crore, while the number of loans grew 117% YoY to 0.37 crore in Q3 FY23.