Paytm shares climb for 2nd day; jump 10%
The Hindu
Shares of Paytm's parent company, One97 Communications, rise 10% as it recovers from recent crisis with RBI.
Shares of One97 Communications Ltd, which owns Paytm brand, climbed 10 per cent on Wednesday, February 7 morning, continuing its recovery journey.
The stock jumped 9.99 per cent to Rs 496.75 on the BSE after a firm beginning.
Shares of the company climbed 9.99 per cent to Rs 496.25 on the NSE.
Earlier, Vijay Shekhar Sharma, founder and CEO of One97 Communications, met Finance Minister Nirmala Sitharaman in the presence of top Department of Financial Services officials, amid the crisis engulfing Paytm Payment Bank’s operation
He was told in no uncertain terms by Ministry representatives that the bank needs to comply with Reserve Bank of India (RBI) directives and regulations. The government has no role to play in the matter that entails the central bank asking Paytm Payment Bank to suspend acceptance of deposits after February 29, it was conveyed to Mr. Sharma, sources in the know said.
The stock of One97 Communications Ltd rebounded by over 3 per cent on Tuesday after three days of sharp fall.
From February 1-5 (three days of trading), the company's stock tumbled over 42 per cent, wiping out Rs 20,471.25 crore from its market valuation, following the RBI's crackdown.
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