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Paytm share price witnessed a remarkable recovery on Tuesday after initially plummeting by 9% in early trade amidst heavy trading volumes. Despite the volatile market conditions, Paytm shares surged over 5% higher on the Bombay Stock Exchange (BSE), signaling renewed investor confidence and market resilience.
In the opening hours of trading, Paytm shares tumbled by as much as 9.77%, reaching a record low of ₹395.50 apiece on the BSE. However, the stock quickly rebounded, experiencing a sharp recovery of over 19% from its lowest point and entering positive territory.
Reports indicate that a significant number of equity shares of One 97 Communications, the parent company of Paytm, were traded on the stock exchanges, amounting to approximately 68 lakh shares or 0.1% of the equity. The total transaction value amounted to ₹269.4 crore, with an average price of ₹394 per share.
Despite the recent volatility, Paytm’s stock price has endured a significant decline of 39% over the past week. This downward trend was exacerbated by the Reserve Bank of India’s (RBI) decision to impose restrictions on Paytm Payments Bank (PPBL) following compliance issues highlighted in external audit reports. The RBI restrictions include a temporary ban on accepting new deposits and conducting credit transactions after February 29.
In response to the challenging situation, Paytm engaged in exploratory discussions with several companies, including HDFC Bank and Jio Financial Services, regarding the potential sale of its wallet business. However, Paytm has since clarified that it is not currently in negotiations with any company for the sale of its wallet business.
At 9:55 am, Paytm shares were trading 5.51% higher at ₹462.50 apiece on the BSE, reflecting the dynamic nature of the market and investor sentiment amidst ongoing developments and strategic considerations within the fintech sector.
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