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.
