Paytm Shares Rebound After Three Days of Sharp Fall
- ByStartupStory | February 6, 2024
Shares of One97 Communications Ltd, which owns the Paytm brand, rebounded on Tuesday morning after three days of sharp decline. The stock surged 7.79% to Rs 472.50 on the Bombay Stock Exchange, despite a weak start to the trading session. It also climbed 7.99% to Rs 473.55 on the National Stock Exchange.
Over the past three days, the stock had experienced a significant drop of over 42%, resulting in the erosion of Rs 20,471.25 crore from its market valuation, following the Reserve Bank of India’s crackdown. On Monday, shares of One97 Communications Ltd had hit their lower circuit limit.
The regulator’s recent directive instructed Paytm Payments Bank Ltd, a restricted bank that can accept deposits but cannot lend, to refrain from accepting any further deposits or conducting credit transactions, or carrying out top-ups on any customers’ accounts, prepaid instruments, wallets, and cards for paying road tolls after February 29. Paytm Payments Bank Limited is an associate of One97 Communications Limited, with One97 Communications holding 49% of the paid-up share capital (directly and through its subsidiary) of Paytm Payments Bank Limited. Founder Vijay Shekhar Sharma holds a 51% stake in the bank.
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