Shares of this mobile services and digital payment platform tumbled following reports that Antfin, an affiliate backed by Alibaba, likely sold a 4 percent stake valued at Rs.2,200 crore. This move has raised concerns among investors, resulting in a sharp decline in the company’s stock price.
During Tuesday’s trading session, the share price of One 97 Communications Ltd (OCL) fell to an intraday low of Rs.830.55 per share, down 4.1 percent from the previous close of Rs.866.05 per share. The shares have recovered since then and trading at Rs.848.40 apiece. Over the past year, the stock has delivered returns exceeding 140 percent.
What happened
On May 13, shares of One 97 Communications Ltd experienced a nearly 4 percent decline after a substantial block trade of 1.7 crore shares, representing 4.1 percent of its equity, reportedly took place. Antfin, a subsidiary of Alibaba Group and the second-largest shareholder in One 97 Communications with a 9.85 percent stake, is believed to have been the seller.
The term sheet for the bulk deal, reviewed by Moneycontrol, indicated that Antfin aimed to offload 4 percent of its stake in the fintech company, setting a floor price of Rs 809.75 per share, which reflects a 6 percent discount from the prior closing price. The transaction is valued at approximately Rs.2,200 crore.
Following the stake reduction by Antfin, Paytm founder Vijay Shekhar Sharma now directly holds 9.05 percent of the company and an additional 10.24 percent through Resilient Asset Management, a foreign entity. Resilient acquired its 10.3 percent stake from Antfin in a deal involving Optionally Convertible Debentures, without any cash consideration.
Financial Performance
According to its latest financial disclosures, One97 Communications Limited posted consolidated revenue of Rs.1,192 crores in Q4 FY25, down by approximately 48 percent from Rs.2,267 crores in Q4 FY24. The company also reported a marginal decline in net loss, narrowing to Rs.545 crores from Rs.550 crores in the corresponding quarter of the previous year.
For FY25, the company reported a total consolidated revenue of Rs.6,900 crores, reflecting a year-on-year decline of approximately 31 percent. However, net losses reduced significantly to Rs.663 crores, marking a 53 percent improvement compared to the previous year’s loss.
As of March 2025, the shareholding pattern of One97 Communications Limited shows that promoters hold no stake in the company. Foreign Institutional Investors (FIIs) own the largest share at 55.39 percent, followed by Domestic Institutional Investors with 14.02 percent. The remaining 30.60 percent is held by retail investors.
Written by – Siddesh S Raskar
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