According to reports, Paytm Mall’s largest investor, Alibaba Group, has sold its entire stake in the e-commerce entity.

Alibaba has sold a 28.34 percent stake, and Ant Financials (Netherlands) unloaded another 14.98 percent of its shares.

The company has sold a 43.32% stake for INR 42 crores. The shares were bought back by Paytm E-commerce Pvt Ltd, the parent entity of Paytm Mall. Paytm said it is facing some unique challenges because of the pandemic.

The company is facing pressure from declining market economics and demanding circumstances that impose continuous pressure on financial metrics, and the specified shareholders (Alibaba and Ant Financial) have expressed their desire to exit their investments in the company. The sale price of Jack Ma’s stake in Paytm Mall brings the company’s valuation down to Rs 100 crore from $3 billion.