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Paytm share price rises 10%, up 18% this month: Top reasons why
Paytm share price: Since June this year, the share price of Paytm has been rising after four consecutive months of selloff.
Paytm share price rose nearly 10 per cent in intraday trade on BSE today (July 8). Shares of One 97 Communications, Paytm's parent company, opened at ₹437.55 against previous close of ₹436.60. This marked a jump of nearly 10 per cent. During the day, the stock traded 9.07 per cent higher at ₹476.20 apiece while Sensex was 0.12 per cent down at 79,897 at the time.
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Since June this year, the share price of Paytm has been rising after four consecutive months of selloff. Last month, Paytm stock rose over 11 per cent and in July it has already gained over 18 per cent.
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The stock suffered massive losses after the Reserve Bank of India (RBI) directed it to close its payments bank arm, Paytm Payments Bank (PPBL), from March 15 citing non-compliance with KYC norms and other mandated processes. Paytm's share price has fallen 53 per cent so far. The stock hit its 52-week high level of ₹998.30 on October 20 last year. It fell to its 52-week low of ₹310 on May 9 this year.
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Earlier, Paytm's 's founder and MD Vijay Shekhar Sharma said that his company was like a daughter who met with an accident and is in ICU now.
“At a professional level, I would rather say we should have done better; there is no secret about it. We should have understood better…and we had responsibilities, we should have fulfilled, much better way…we learnt the lesson,” he said.
This comes as Paytm reported a fall in revenue to ₹2,399 crore from ₹2,465 crore in Q4 FY23 from the year earlier. Losses widened to ₹551 crore, from ₹168 crore in Q4 FY23 from the previous year.
