
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%.
The total loan disbursements grew 357% YoY to ₹9,958 crore, while the number of loans grew 117% YoY to 0.37 crore in Q3 FY23.
On Wednesday, shares of One 97 Communications gained as much as 5.5% to hit an intraday high of ₹541.50 on the BSE.
The board of Paytm has approved a share buy back plan at ₹810 apiece, a premium of 50% as compared to current market price, to encourage shareholders to sell the shares back to the company.
The board of Paytm parent One 97 Communications will consider a share buyback proposal on December 13.
Founder and CEO Vijay Shekhar Sharma expects Paytm to become a free cash flow generating company in the next 12-18 months
Paytm has erased nearly 80% of investors' wealth since its listing on November 18 last year, which is the steepest fall among large IPOs over the past decade.
Shares of Paytm fell 2.5% to ₹441 on Thursday, about 80% lower from its IPO issue price of ₹2,150.
The Vijay Shekhar Sharma-led company's market capitalisation has fallen to ₹31,300 crore.
Paytm shares have wiped off 72% of investors' wealth since listing, falling from IPO price of ₹2,150 to an intraday low of ₹605.80 today.