Paytm shares hit 10% upper circuit after circuit filter revised; details here

The stock was up 10% to ₹381.3 on the National Stock Exchange. The company's total market capitalisation stood at ₹24,242 crore.

It gained 10% to ₹381.2 on the BSE.

Notably, the financial technology company's circuit filter has been revised to 10% from 5% earlier, effective June 7, 2024.

Paytm's circuit limit was earlier lowered by the stock exchange after extreme volatility due to the Reserve Bank of India's ban on the Paytm Payments Bank.

According to the National Payments Corporation of India (NPCI), Paytm's market share in the unified payments interface (UPI) market declined to 8.1% in May 2024 from 13% in January.

Paytm posted a consolidated net loss of ₹550.5 crore in the latest March quarter, compared to ₹167.5 crore in the corresponding period last year.

The revenue from operations also fell 2.9% to ₹2,267.1 crore in Q4 FY24 from ₹2,334.5 crore in the year-ago period.

The company's founder and CEO, Vijay Shekhar Sharma, also hinted at layoffs. "Led by capabilities of AI and focussing on core business, we are also working on significant cost efficiencies including leaner organisation structure. Our ongoing experiments and learnings in AI promise to revolutionise customer and merchant care for the financial industry, while also unlocking new avenues for revenue generation and cost savings," he said.