Paytm, Nykaa slide up to 9% after huge block deals on both counters

Shares of Nykaa, owned by FSN E-Commerce Ventures, and One 97 Communications, the operator of India’s largest digital-payments provider Paytm, dipped up to 9 per cent on the bourses in Thursday’s intra-day trade after their respective counters saw more than 20 million shares changing hands via block deals.

Shares of Paytm slipped 9 per cent to Rs 528.10 on the National Stock Exchange (NSE) in the intra-day trade. Till 01:53 PM, about 30.5 million shares, representing 4.7 per cent of the total equity of Paytm, had changed hands on the NSE, the exchange data shows. The stock had rallied 22 per cent over the past 13 trading days.

On November 17, SoftBank Group Corp had sold 29.35 million shares or a 4.5 per cent stake in Indian digital payments giant Paytm through block deals for Rs 1,630 crore. The deal was executed at Rs 555.67 on the NSE, the exchange data shows.

In the past one year, the stock price of the company has halved as compared to 2.4 per cent decline in the Nifty 50. It had hit a record high of Rs 1,961 on November 18, 2021 and an all-time low of Rs 439.60 on November 24, 2022.

Meanwhile, shares of Nykaa fell 5 per cent to Rs 147.65 on the NSE in the intra-day trade today. Till the time of writing of this report, around 24.25 million shares, representing 0.85 per cent of the company, had changed hands on the NSE. In comparison, the Nifty 50 was down 0.57 per cent at 17,794.

In the past three months, the stock has declined 28 per cent, as compared to 3.6 per cent rise in the Nifty 50. Further, in the past one year, it has more-than-halved by tanking 55 per cent, as against 2.3 per cent decline in the benchmark index. The stock hit an all-time low of Rs 139.35 on December 23, 2022.

On December 15, Kravis Investment Partners II had offloaded 36.7 million shares of the company at a price of Rs 171 apiece, worth Rs 629.06 crore through open market transactions via multiple block deals on the BSE, the exchange data shows.

The big ticket investors belonging to FPI and DII category bought fresh stake in Nykaa. According to BSE block deal details, Goldman Sachs, Mirae Asset Mutual Fund, ICICI Prudential Life Insurance Company and Canada Pension Plan Investment Board bought stake in FSN E-Commerce Ventures.