
Alibaba's Antfin transfers 10.3% stake in Paytm; Sharma now biggest shareholder
The Sharma family becomes the biggest shareholder in One97 at 19.55%; Paytm shares trading in red ₹877.75 against previous closing price of ₹874.45
The Sharma family becomes the biggest shareholder in One97 at 19.55%; Paytm shares trading in red ₹877.75 against previous closing price of ₹874.45
The Paytm stock ended the day at ₹542.25 on the BSE, down 6.4%.
Paytm’s number of loans grew 246% and disbursements rose 484% YoY; its super app's consumer engagement recorded 40% growth in July-Aug
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
Mumbai-based proxy advisor says the fintech firm boss made several commitments in the past to make the company profitable but they have not played out
The stock fell 4% in the intraday trade to hit a fresh low of ₹542 on BSE.
The stock plunged 12% to ₹592.40 on BSE, dropping out of the 100-most valued companies listed on the exchange.
Brokerage houses have already revised the expected target price of the digital payments firm's stock.
The stock fell 5.89% to ₹1,159 on the National Stock Exchange on Monday as the foreign brokerage slashed its target price on the stock by around 25% to ₹900.