Image Source : FREEPIK Stock market
Shares of One97 Communications Ltd, the parent company of the Paytm brand, rebounded on Tuesday morning after experiencing three consecutive days of sharp declines. Despite a weak start to the trading session, the stock surged by 7.79 percent to Rs 472.50 on the BSE and by 7.99 percent to Rs 473.55 on the NSE.
Over the past three days, the stock plummeted by over 42 per cent, resulting in a loss of Rs 20,471.25 crore in market valuation, following regulatory actions from the Reserve Bank of India (RBI).
On Monday, shares of One97 Communications Ltd hit their lower circuit limit.
The RBI’s recent directive instructed Paytm Payments Bank Ltd, a restricted bank permitted to accept deposits but not authorised to lend, to cease accepting further deposits or conducting credit transactions or top-ups on any customer accounts, prepaid instruments, wallets, or cards for paying road tolls after February 29.
Paytm Payments Bank Limited (PPBL) is associated with One97 Communications Limited (OCL), with OCL holding 49 percent of the paid-up share capital (both directly and through its subsidiary) of PPBL. Vijay Shekhar Sharma, the founder, holds a 51 percent stake in the bank.
(With PTI inputs)
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