The corporation run by multibillionaire investor Warren Buffet, Berkshire Hathaway, has sold all of its stock in digital payment startup Paytm. The multinational corporation ultimately sold a sizable loss on its 2.46% investment in One97 Communications, the parent company of Paytm. Through BH International Holdings, an associate firm, Berkshire Hathaway sold its interest in Paytm. The fintech company Paytm sold more than 1.56 million shares on the National Stock Exchange (NSE) for INR 620 crore loss.
According to an official document, the company paid INR 1,279.7 per share, or INR 2,179 crore, for a 2.6% interest in Paytm. Based on information available on the NSE, the shares were sold on Friday for an average price of INR 877.29 each, making the transaction value INR 1,370.63 crore. Although Warren Buffet’s multibillion dollar company has offloaded 2.46% of the total 2.6, it is unclear when the 0.14% interest was sold.
Following its pullout from the fintech business, BH International Holdings’ shares of One97 Communications, the parent company, saw a roughly 3% decrease, closing at INR 895 per share.
As Paytm’s stock began to rise again, significant pre-IPO investors began selling their holdings in the business. SoftBank has been selling shares on a regular basis in tiny batches through open market transactions prior to Berkshire during the past few months.
