Paytm share price jumps 21% in 4 days: What's happening, what's next? - Hindustan Times
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Paytm share price jumps 21% in 4 days: What's happening, what's next?

Feb 21, 2024 02:25 PM IST

Paytm Share Price: These factors could be resulting in the surge in Paytm's share price

Paytm Share Price: Shares of Paytm's parent company One 97 Communications have consistently hit upper circuit limits over the past few trading sessions. The stock locked at a 5% upper circuit limit at 395 per share in its fourth consecutive day of a 5% rally today. In the past four days, the stock has gained a total of 21%. These factors could be resulting in the surge in Paytm's share price:

Paytm share price: A QR code for the Paytm digital payment system at a store in Mumbai, India.(Bloomberg)
Paytm share price: A QR code for the Paytm digital payment system at a store in Mumbai, India.(Bloomberg)

RBI's deadline extension

The Reserve Bank of India (RBI) granted an additional 15 days, until March 15, for Paytm Payments Bank (PPBL) to finish deposits, credit transactions, or top-ups.

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Paytm's Axis Bank decision

Amid concerns about potential disruptions in merchant payments, Paytm announced relocation of its nodal account to Axis Bank. This means that merchants will be able to sustain digital payment acceptance through the Paytm QR code or card machine. Although after March 15, customers will no longer be able to deposit funds into their Paytm Payments Bank accounts. They can continue using, withdrawing, and transferring funds, Paytm said.

Paytm CEO's message

Vijay Shekhar Sharma, founder and CEO of Paytm, reassured users that Paytm QR, Soundbox, and card systems)will continue to function after March 15 as well.

Bernstein's rating to Paytm

Bernstein gave an ‘outperform’ rating to Paytm, setting a target price of 600 per share as it said that RBI’s actions target Paytm Payments Bank (PPBL) and will not disrupt other functions of Paytm while global brokerage firm Jefferies suspended coverage of Paytm until there is more stability.

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