Initially, One97 Communications will own 49% stake in Paytm General Insurance, while the remaining 51% stake would be held by VSS Holding, a company owned by Paytm MD Vijay Shekhar Sharma.
The Sensex and Nifty are poised to start the week on a muted note, following mixed cues from Asian peers and soft trends on the SGX Nifty futures.
For Q4 FY22, Paytm’s net loss widens by 71% YoY to ₹762.5 crore, while revenue from operations rose 89% to ₹1,540.9 crore
In the offline payments business, Paytm had 32 lakh devices deployed in stores as of April 2022, up from 9 lakh as of April 2021. User engagement on Paytm's super app rises 44% YoY.
Vijay Shekhar Sharma says the digital payments firm is aiming to be operationally profitable by September next year.
The Sensex and Nifty are set for a cautious start on Monday, tracking mixed cues from Asian markets amid talks of fresh sanctions against Russia.
Adani Wilmar delivered 123% returns to its shareholders since listing on February 8, 2022, while Paytm dropped 75% below the IPO issue price of ₹2,150.
The share price of Paytm's parent company further tanked today to a new all-time low of ₹536.20 as BSE inquired about the sharp decline in the scrip.
The stock fell 4% in the intraday trade to hit a fresh low of ₹542 on BSE.
The brokerage retains its 'underperform' rating on the stock.
