Paytm hits 10% upper circuit as CEO reportedly met RBI, Finance Minister
Upstox
1 min read • Updated: February 7, 2024, 12:05 PM
Summary
Paytm shares climbed as high as ₹496.2 per share today after media reported that its CEO had met India's finance minister and central bank to try to resolve a regulatory crackdown.
BENGALURU, Feb 7 (Reuters) - Shares of One 97 Communications, the parent company of Paytm climbed as much as 10% on Wednesday after media reported that the embattled digital payments firm's CEO had met India's finance minister and central bank to try to resolve a regulatory crackdown on its payments bank business.
Paytm shares climbed as high as ₹496.2 per share but remained far below their level before 31 January, when the Reserve Bank of India (RBI) ordered Paytm Payments Bank to stop accepting new deposits in its accounts and its popular digital wallets from March, citing supervisory concerns and non-compliance with rules.
As per experts, the main issues of compliance still remain and it is not clear how the company will handle the operational crisis going ahead, the stock has corrected a lot and that may be creating some buying opportunity.
So far in 2024, Paytm stock is down over nearly 23%, with a 52-week low of ₹395 per share.