Japan’s SoftBank Group on Thursday sold 29 million shares in Paytm parent One97 Communications in a block deal, raising about Rs 1,631 crore. Shares were sold at Rs 555.67 each. Shares of Paytm fell 10% to close at Rs 539.55 on Thursday.

Societe Generale, Morgan Stanley and BofA Securities bought Paytm shares worth Rs 393 crore, Rs 333 crore and Rs 279 crore, respectively.

SoftBank held a 17.45% stake in the fintech firm through SVF India Holdings (Cayman) as of September 30. Its stake has fallen to 12.9% following Thursday’s blockbuster trading. The lock-up period for Paytm’s pre-IPO investors ended on November 15.

Earlier this month, the investor lock-in period for the pre-sale of Paytm, which was listed on the exchange last November, ended.

SVF India Holdings (Cayman) Ltd sold 29,350,000 shares, representing a 4.5% stake in the company, according to block trade data provided by the NSE.

SVF India Holdings (Cayman) Ltd is a subsidiary of SoftBank. The shares were sold at an average price of Rs 555.67 each, bringing the deal to Rs 1,630.89 crore.

SoftBank invested $1.6 billion in Paytm in the last quarter of 2017 and sold $220 million in shares in the IPO. The company’s shares plunged 11% to close at Rs 536.60 on the NSE.