Paytm share price hits all-time low: Parent firm clarifies
India Today
Paytm's parent company One97 Communications clarified that the company has been complying with market regulator the Securities and Exchange Board of India (Sebi).
Paytm share price has become a topic of discussion after stocks of digital payment system on the share market nosedived to an all-time low on Tuesday. Paytm's parent company One97 Communications, in a late-night BSE filing, stated that the business fundamentals were robust.
One97 Communications clarified that the company has been complying with market regulator the Securities and Exchange Board of India (Sebi). The company has also made all necessary disclosures to stock exchanges, it stated.
"Further, as on date, there is no information/announcement, which in our opinion may have a bearing on the price/ volume behaviour in the scrip of the Company and which is yet not disclosed to the Stock Exchanges. The Company would also like to point out the business fundamentals remain robust as demonstrated in our last earning release dated February 04, 2022," One97 Communications stated.
Paytm IPO, which was launched in November 2021, was the largest ever at Rs 18,300 crore, followed by Coal India (2010) at nearly Rs 15,500 crore and Reliance Power (2008) at Rs 11,700 crore.
However, stocks of Paytm made a subdued debut on share market on November 18, 2021 as prices sank 27 per cent, the biggest drop ever on opening day for share sales worth more than Rs 1,000 crore. The stock listed at Rs 1,950, a discount of 9.3 per cent to its offer price of Rs 2,150, and closed at Rs 1,564.
ALSO READ | Fuel price hiked by 80 paise per litre for second consecutive day. Check petrol, diesel rates
Venkataraman joined Flipkart in 2015 and has been part of the company's leadership team through a period of growth and restructuring. During his tenure, he helped strengthen the company's financial operations.
The gold rate today is around Rs 1.5 lakh per 10 grams for 24-carat gold, while 22-carat gold is near Rs 1.4 lakh, with prices edging higher after recent losses. Silver is also seeing a slight uptick after a volatile phase.
Early indicators suggest a positive start. GIFT Nifty futures were trading at 23,250.5 at around 08:24 am, indicating that the Nifty 50 may open above Thursday's close of 23,002.15.
With multiple energy hubs under threat, the risk to global supply chains has increased sharply. For countries like India, which depend heavily on imports, this means higher costs and tighter supply in the near term.
In a statement, the central bank said it has taken note of the recent developments at HDFC Bank and has approved the transition arrangement proposed by the bank for the position of part-time chairman.
Global brokerage JPMorgan has maintained a "neutral" rating on the stock with a price target of Rs 1,090. HDFC Bank stock is already trading near its 52-week low, adding to weak sentiment around the counter.
The IPO is expected to be structured as an "offer for sale" (OFS). This means existing investors will sell a part of their stake to the public, rather than the company issuing new shares.
Sensex ends 633 points higher, Nifty above 23,700; Infosys up 3%
The Sensex was up 825.79 points, or 1.09%, at 76,896.63, while the Nifty 50 gained 239.10 points, or 1.01%, to trade at 23,820.25 as of 11:44 AM. It may be noted that the Sensex has gained over 2,000 points this week after a sharp losing spree.
The reconstituted panel includes several key institutional representatives. These include members from the Life Insurance Council and the General Insurance Council, along with heads of important professional bodies.