Paytm shares tank over 9% after two-day breather
From February 1-5, 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.
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NEW DELHI: Shares of One97 Communications Ltd, which owns Paytm brand, fell over 9 per cent on Thursday morning, after a two-day rally in the stock fizzled out.
Despite a firm beginning, the stock tanked 9.41 per cent to Rs 450 on the BSE. At the NSE, it plunged 9.31 per cent to Rs 450. Shares of One97 Communications Ltd climbed 10 per cent on Wednesday and had rebounded over 3 per cent on Tuesday after three days of sharp fall.
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 Reserve Ban of India’s crackdown.
Last week, the RBI ordered Paytm Payments Bank Ltd (PPBL), 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.
PPBL is an associate of One97 Communications Ltd. 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.