Paytm Shares Surge 10%, Continue Recovery
Feb 07, 2024 16:45
Paytm shares climbed for the second consecutive day, rising 10% on Wednesday, fueled by a rebound after the RBI's crackdown. The stock's market valuation has recovered significantly.
Photograph: Niharika Kulkarni/Reuters.
New Delhi, Feb 7 (PTI) Shares of One97 Communications Ltd, which owns Paytm brand, climbed 10 per cent on Wednesday, continuing its recovery journey.
The stock jumped 10 per cent to settle at Rs 496.75 -- its upper circuit limit -- on the BSE after a firm beginning.
Shares of the company climbed 9.99 per cent to Rs 496.25 on the NSE.
The stock of One97 Communications Ltd rebounded by over 3 per cent on Tuesday after three days of sharp fall.
In two days of rebound, the company's market valuation has climbed Rs 3,720.17 crore to Rs 31,547.62 crore.
From February 1-5 (three days of trading), the company's stock tumbled over 42 per cent, wiping out Rs 20,471.25 crore from its market valuation, following the RBI's crackdown.
Last week, RBI ordered Paytm Payments Bank Ltd, a restricted bank that can take deposits but cannot lend, to not take any further deposits or conduct credit transactions or carry out top-ups on any customers accounts, prepaid instruments, wallets, and cards for paying road tolls after February 29.
Paytm Payments Bank Limited (PPBL) is an associate of One97 Communications Limited (OCL).
One97 Communications holds 49 per cent of the paid-up share capital (directly and through its subsidiary) of PPBL. Founder Vijay Shekhar Sharma has a 51 per cent stake in the bank.
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