Paytm share price: Following four months of selloffs, the company’s shares have been climbing since June of this year.
In intraday trading on the BSE today, July 8, the price of Paytm’s shares increased by around 10%. The parent company of Paytm, One 97 Communications, opened its shares at ₹437.55, up from ₹436.60 at the previous closing. This represented an increase of almost 10%. Sensex was down 0.12 percent at 79,897 during the day, while the stock was up 9.07 percent at ₹476.20 apiece.
Also Read Yes Bank Denies 51% Stake Sale Rumors: Clarifies Misinformation!
Since June this year, the share price of Paytm has been rising after four consecutive months of selloff. Last month, Paytm stock rose over 11 per cent and in July it has already gained over 18 per cent.
The Reserve Bank of India (RBI) ordered the company to close its payments bank arm, Paytm Payments Bank (PPBL), as of March 15, alleging non-compliance with KYC regulations and other required procedures. This decision caused the stock to experience significant losses. The share price of Paytm has already dropped by 53%. On October 20, of last year, the stock reached ₹998.30, its 52-week high level. It dropped to ₹310, its 52-week low, on May 9 of this year.
Earlier, Paytm’s ‘s founder and MD Vijay Shekhar Sharma said that his company was like a daughter who met with an accident and is in ICU now.
Also Read RVNL Shares Surge 15%, Hit Record High for Third Session!
“At a professional level, I would rather say we should have done better; there is no secret about it. We should have understood better…and we had responsibilities, we should have fulfilled, much better way…we learnt the lesson,” he said.
This comes as Paytm reported a fall in revenue to ₹2,399 crore from ₹2,465 crore in Q4 FY23 from the year earlier. Losses widened to ₹551 crore, from ₹168 crore in Q4 FY23 from the previous year.
Stay Connected With us: Siasatpro.com
Recent Comments