Earlier this month the stock had topped analysts' recommendation list,

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SoftBank sold 29.35 million shares at INR 555.67. SoftBank had a 17.5% stake in Paytm as of Sept. 30, said Reuters.

The development comes a day after the lock-in period for anchor investors in Paytm’s November 2021 IPO ended.

The decision is the latest in a string of divestments that SoftBank has made recently after its flagship Vision Fund unit — the second-largest shareholder of Paytm — booked nearly $50 billion in losses in just six months. The group had also raised $2.4 billion selling shares in T-Mobile US (NASDAQ:TMUS) earlier this year.

Earlier, in May, Alibaba and Ant Financial also sold their entire stake in the e-commerce subsidiary Paytm Mall for INR 42 crore.

Meanwhile, Indian brokerage ICICI Securities had initiated a Buy call for Paytm stock earlier last week with a target price of INR 1,285 — more than double its current level.

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