Paytm’s stock surges by 10%, extending its two-day rally to 13%. Check details here
Paytm's stock surges by 10%, extending its two-day rally to 13%. Check details here
The stock of Paytm went up by 7.39% to reach Rs 485 on the BSE. Over two days, it’s gone up by 10.64%. In Wednesday’s trading, shares of Paytm climbed almost 10%, bringing its two-day gains to 13%. This rise followed reports that CEO Vijay Shekhar Sharma met with Finance Minister Nirmala Sitharaman and RBI officials regarding restrictions on Paytm Payments bank.
The Paytm stock surged by 9.77% to reach Rs 495.75 on the BSE. Media reports indicated that 21 lakh Paytm shares worth Rs 103 crore, or 0.3% of total equity, were traded.
Despite this rally, Paytm shares are still down 34.85% from the Rs 761 level when RBI measures were strict. Bernstein maintained an ‘Outperform’ rating with a target of Rs 600 per share, suggesting the stock was at ‘doomsday valuations.’ UBS highlighted the importance of migrating customer UPI handles of PPBL to another bank, warning of potential customer churn if not done promptly.
The stock has been under pressure since RBI announced restrictions on Paytm Payments Bank’s operations due to non-compliances and supervisory concerns.
