One97 Communications' shares surge 10%, continuing recovery trend
From February 1-5 (three days of trading), the company's stock tumbled over 42%, wiping out Rs 20,471.25 crore from its market valuation, following the RBI's crackdown.
Shares of One97 Communications Ltd, which owns brand, climbed 10% on Wednesday morning, continuing its recovery journey.
The stock jumped 9.99% to Rs 496.75 on the BSE after a firm beginning.
Shares of the company climbed 9.99% to Rs 496.25 on the NSE.
The stock of One97 Communications Ltd rebounded by over 3% on Tuesday after three days of sharp fall.
From February 1-5 (three days of trading), the company's stock tumbled over 42%, wiping out Rs 20,471.25 crore from its market valuation, following the RBI's crackdown.
Last week, RBI ordered Paytm Payments Bank Ltd, a restricted bank that can take deposits but cannot lend, to not take any further deposits or conduct credit transactions or carry out top-ups on any customers accounts, prepaid instruments, wallets, and cards for paying road tolls after February 29.
Paytm Payments Bank Limited (PPBL) is an associate of One97 Communications Limited (OCL).
One97 Communications holds 49% of the paid-up share capital (directly and through its subsidiary) of PPBL. Founder Vijay Shekhar Sharma has a 51% stake in the bank.
Edited by Megha Reddy