American Berkshire Hathaway Inc. has withdrawn from the Indian Paytm, as evidenced by information on the local stock exchange.

Berkshire Hathaway on Friday, November 24, sold its 2.5% stake in the mentioned digital payment service provider via a block deal.

BH International Holdings, a company associated with the specified American firm, has sold 15.6 million shares of One 97 Communications Ltd., the parent structure of Paytm. These securities were sold at 877.2 rupees ($10.52) each. According to information published by the media, as a result of this deal, the seller received about 14 billion rupees.

The IPO document contains data that the value of the investment was 21.7 billion rupees before the debut of Paytm in 2021. NSE data show that Copthall Mauritius Investment Ltd. bought 7.6 million shares, and Ghisallo Master Fund LP acquired 4.3 million securities.

Indian unit JPMorgan Chase & Co. was the only broker on the deal.

The share price of One 97 Communications showed a decline of 5% but compensated for some of the losses, ending Friday’s trading with a drop of 3.3%. This is the largest one-day decrease in this indicator since October 26.

Paytm reported losses in the third quarter of the current year. Investors of this company expect that a profit will be recorded in 2024. Their expectations are related to the introduction of lending and the expansion of the payment network. Firm founder Vijay Shekhar Sharma has consolidated his control over the brand following the September shares acquisition from Ant Group Co. This decision eased concerns about the Indian government’s opposition to Chinese ownership.

As we have reported earlier, Paytm to Digitise Government Services in Goa.