Paytm shares fell 10 percent after two days of relief
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New Delhi. Shares of One97 Communications Limited, which owns the Paytm brand, fell 10 percent on Thursday after rising for two days. Despite a good start, the company’s stock fell 9.99 per cent to close at Rs 446.65, its lower circuit level, on the BSE.
The market valuation of the company has declined by Rs 3,153.18 crore to Rs 28,394.44 crore. The company’s shares fell 9.99 percent to Rs 496.25 on the National Stock Exchange (NSE). In terms of trading volume, 22.79 lakh shares of the company were traded on BSE and over 2.12 crore shares on NSE during the day. Shares of One97 Communications Limited were up 10 percent on Wednesday.
Earlier, the company’s shares had risen by more than three percent on Tuesday after three sessions of heavy decline. The Reserve Bank of India (RBI) had last Wednesday directed Paytm’s unit Paytm Payments Bank Limited (PPBL) not to accept deposits or top-ups in any customer account, prepaid instrument, wallet and Fastag after February 29, 2024. . Since then there has been a continuous decline in the company’s shares.
After the strictness of RBI, its stock had fallen by more than 42 percent in the last three sessions (between February 1 and 5). This saw a huge decline of Rs 20,471.25 crore in its market valuation. One97 Communications holds 49 per cent stake (directly and through its subsidiary) in PPBL. Company founder Vijay Shekhar Sharma holds 51 percent stake in the bank.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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