Marshall Wace has sold its stake in Paytm through a block deal valued at INR 25 crore.

Marshall Wace sold 5.85 lakh shares (precisely 585,938) of Paytm in a block deal on Friday, June 14, for INR 25.08 crore. According to NSE data, the UK-based hedge fund sold the shares of the fintech giant at INR 428.05 per share. These shares were quickly bought by BNP Paribas Financial Markets, an affiliate of BNP Paribas.

This transaction occurred amid a period of selling pressure for Paytm, following the Reserve Bank of India's (RBI) imposition of curbs on Paytm Payments Bank due to "material supervisory concerns." Despite this, Paytm shares have been on an upward trend over the past week due to positive news regarding restructuring efforts, ending the week 11.5% higher at INR 424.90 on the BSE. This marked the first time the stock closed above INR 400 since April.

Earlier in the week, Inc42 reported that Paytm had been encouraging employees to resign voluntarily or face disciplinary actions and was seeking to reclaim bonuses previously paid. Paytm denied these allegations. Additionally, the company announced a partnership with Samsung Wallet, allowing Galaxy smartphone users to book flights, buses, movies, and events through Paytm's services integrated into Samsung Wallet.

Furthermore, the Insurance Regulatory and Development Authority of India (IRDAI) approved Paytm General Insurance's application to withdraw its registration. Consequently, Paytm plans to concentrate on distributing insurance products from other insurers.

Despite these developments, Paytm's stock remains over 33% lower year to date. The company's net loss in the March quarter (Q4) of the financial year 2023-24 (FY24) tripled to INR 550.5 crore, compared to INR 167.5 crore in the same period the previous year.