China's Alibaba Group has sold its remaining stake in Indian digital payments firm Paytm for about 13.78 billion rupees ($167.14 million) through a block deal, stock exchange data showed on Friday.
The exit comes days after Paytm posted its first-ever quarterly operating profit as a listed firm, nine months ahead of its own target.
Alibaba.com Singapore E-Commerce Pvt Ltd sold 21.4 million shares of Paytm on Friday at 642.74 rupees apiece, a 9% discount to Thursday's close, NSE stock exchange data showed.
Paytm's stock tumbled nearly 8% on Friday to close at 650.55 rupees, but it is still up nearly 23% so far this year.
Morgan Stanley Asia (Singapore) Pte bought 5.42 million shares of Paytm at 640 rupees on Friday, the data showed.
It was not immediately clear why Alibaba sold the stake. Paytm and Alibaba did not immediately respond to Reuters requests for comment.
