Paytm shares rebound after three days of heavy fall
In the past three days, the 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 thebrand, rebounded on Tuesday morning after three days of sharp fall.
The stock jumped 7.79% to Rs 472.50 on the Bombay Stock Exchange despite a weak beginning to the trade. It climbed 7.99% to Rs 473.55 on the National Stock Exchange.
In the past three days, the stock tumbled over 42%, wiping out Rs 20,471.25 crore from its market valuation, following the Reserve Bank of India's crackdown.
Shares of One97 Communications Ltd had hit its lower circuit limit on Monday.
The regulator last week 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 is an associate of One97 Communications Limited. One97 Communications holds 49% of the paid-up share capital (directly and through its subsidiary) of Paytm Payments Bank Limited. Founder Vijay Shekhar Sharma has a 51% stake in the bank.
Edited by Swetha Kannan