
Paytm shares fall 8% after Alibaba block deal report
The Paytm stock ended the day at ₹542.25 on the BSE, down 6.4%.
The Paytm stock ended the day at ₹542.25 on the BSE, down 6.4%.
Shares of Paytm fell 2.5% to ₹441 on Thursday, about 80% lower from its IPO issue price of ₹2,150.
The logistics company's market cap has fallen to $2.8 billion.
The Vijay Shekhar Sharma-led company's market capitalisation has fallen to ₹31,300 crore.
99.67% of shareholders who voted approved Sharma's re-appointment, while 0.33% were against the resolution. Shareholders also approved his remuneration, with 94.48% in favour while 5.52% against it
Three key domestic voting advisory firms have opposed Sharma's reappointment for another term and remuneration decided for the position, asking shareholders to vote against the resolutions
Macquarie retains an 'underperform' rating on the stock with a target price of ₹450, implying a potential downside of 46%.
Vijay Shekhar Sharma says the digital payments firm is aiming to be operationally profitable by September next year.
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.