31 C
Mumbai
Tuesday, May 28, 2024

Paytm gains 8% after rebounding from loss in three sessions after RBI bans

After three straight losses, One97 Communications Ltd., owner of Paytm, rose 7.79% to Rs 472.50 on the BSE and 7.99% to Rs 473.55 on the NSE. The stock reached its low circuit limit.

The stock of One97 Communications Ltd., the parent company of Paytm, rose on Tuesday morning following three days of severe falls. A sluggish start to the trading session, the stock rose 7.79% to Rs 472.50 on the BSE and 7.99% to Rs 473.55 on the NSE.

Following Reserve Bank of India regulatory steps, the stock fell almost 42% in three days, losing Rs 20,471.25 crore in market valuation.

One97 Communications Ltd. shares entered their lower circuit limit on Monday.

The RBI recently ordered Paytm Payments Bank Ltd., a restricted bank that can accept deposits but not lend, to stop accepting deposits or credit transactions or top-ups on customer accounts, prepaid instruments, wallets, or road toll cards after February 29.

One97 Communications Limited (OCL) owns 49% of Paytm Payments Bank Limited (PPBL)’s paid-up share capital directly and through its subsidiary. The founder, Vijay Shekhar Sharma, owns 51% of the bank.

Conclusion

Paytm owner One97 Communications Ltd’s shares rose after three days of steep falls. The stock rose 7.79% to Rs 472.50 on BSE and 7.99% to Rs 473.55 on NSE. After February 29, the RBI ordered Paytm Payments Bank Ltd. to stop taking deposits and credit transactions.

Sunil Pandey
Sunil Pandey

The business professional who loves penning down his thoughts/ insights on business, entrepreneurship, & startups. His ability to break down complex business concepts into easy & concise write-ups makes him a wonderful author. He believes that writing is a powerful tool for communication and education.

Sunil Pandey
The business professional who loves penning down his thoughts/ insights on business, entrepreneurship, & startups. His ability to break down complex business concepts into easy & concise write-ups makes him a wonderful author. He believes that writing is a powerful tool for communication and education.

Related Articles

Latest Articles