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new Delhi. Paytm’s stock fell again on Wednesday and it made a new low. The stock fell up to 5 per cent in intraday even after parent company One97 Communications cleared the exchange. On Wednesday, Paytm’s stock made a high of Rs 562 and falling from there made a record low of Rs 521.20. This stock gave closing at Rs 524.30 on NSE.
“The Company wishes to state that its business infrastructure is sound, as stated in our previous earnings release dated February 4, 2022,” One97 Communications told the exchange in a response to a query about significant volatility in its share price. was shown in the release.
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The company said that as on date there is no such information/announcement which, in our opinion, has a bearing on the price/volume behavior of the company’s shares and which has not been disclosed to the stock exchanges.
In the past one month, the stock has lost 35 per cent as compared to a 1 per cent rise in the BSE Sensex. The stock has lost 75 per cent from its issue price of Rs 2,150 per share. It had hit a record high of Rs 1,961.05 on the day of listing i.e. 18 November 2021 in intra-day trade, but after listing it has also failed to touch its issue price.
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Negative news made a bad impact
Due to continuous negative news, there has been a huge fall in the market value of Paytm. The Reserve Bank of India (RBI) on March 11, 2022 barred Paytm Payments Bank (PPBL) from inducting new customers with immediate effect due to certain supervisory concerns. PPBL processes transactions for Paytm, India’s digital payments giant.
PPBL will require special permission from RBI to resume onboarding of customers after reviewing the audit. Paytm has said that, PPBL was taking immediate steps to comply with the directions of RBI and was looking to appoint a reputed external auditor to conduct a comprehensive system audit of its IT systems.
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ICICI Securities believes that this restriction will have an adverse effect on the addition of new customers for Wallet, Savings/Current Accounts. The ban on customer acquisition will cripple business growth for Paytm PB, which was aiming to add half a billion customers. Also, the company may defer PPBL’s plan to apply for conversion into a small finance bank. Meanwhile, on March 16, 2022, foreign brokerage firm Macquarie reduced Paytm’s target price from Rs 700 to Rs 450.
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Tags: Paytm, Share market
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