Paytm shares rise 5% on getting approval to become a third-party UPI app
Paytm shares have tumbled 51% from ₹761 at the close of trade on January 31, 2023, after the RBI action against PPBL.
Paytm shares have tumbled 51% from ₹761 at the close of trade on January 31, 2023, after the RBI action against PPBL.
SoftBank entity SVF India Holdings has sold 2.17% stake in One97 Communication between January 23, 2024 and February 26, 2024, bringing down its holding to 2.83%.
The fintech stock has lost 53% since January 31, 2023, while its market cap has fallen over ₹25,500 crore in the last 13 sessions.
On Thursday, Paytm parent One 97 Communications fell another 5% after hitting 10% lower circuit in the past two sessions.
Macquarie downgrades Paytm stock, cutting its 12-month price target from ₹650 to ₹275, while rating it ‘underperform’
Former SEBI chairman M Damodaran-led panel will work with the Paytm Board in further strengthening compliance and regulatory matters
The fintech major is reportedly in advanced stages of talks with e-commerce startup Bitsila and the deal is likely to close in the coming week.
The fintech stock has rebounded 19.5% from day’s low of ₹395.5 to touch a high of ₹472.50 on the BSE.
Jefferies cut the target price on Paytm by more than half to ₹500 from ₹1,050 per share; Macquarie lowered its target price to ₹650 per share.
Responding to the RBI action, the Vijay Shankar-led company says that PPBL will take immediate steps to comply with the central bank’s directions.