Paytm share price gains over 8.5% to cross ₹400 mark after 8 weeks, recovers 33.5% from all-time low
One 97 Communications, the parent company of Paytm, surged another 8.60% in early morning trade, crossing the ₹400 mark for the first time in 8 weeks to reach ₹414.This rally has propelled the stock to gain 33.54% from its all-time low of ₹310, touched in the second week of May. During Friday's trading session, the company's shares hit the 10% upper circuit limit, following a 2% gain in the previous session.Stock exchanges recently raised Paytm's upper circuit limit to 10%, after initially reducing it to 5% due to significant volatility stemming from the RBI's restrictions on Paytm Payments Bank.Paytm has recently said it is seeing early signs of recovery and strong stabilization in its Unified Payments Interface (UPI) business.
In May, the total value of UPI transactions processed on the Paytm platform grew to ₹1.24 trillion, driven by several new initiatives such as Credit Card on UPI and UPI Lite. Also Read: Paytm share price hits 10% upper circuit.
More steam left?According to ANI, total transactions on the platform stabilized at 1.14 billion in May, reinforcing Paytm's position as the third-largest player in terms of market share since becoming a Third-Party Application Provider (TPAP) in March.Moreover, due to its extensive merchant base, Paytm continues to lead in peer-to-merchant (P2M) UPI transactions.In May 2024, UPI achieved a milestone by handling nearly 14 billion transactions, a substantial 49% year-on-year increase, processing transactions worth ₹20.45 trillion—its highest since its launch in 2016, the report said. This surge underscores the growing preference for digital payments among Indian consumers and businesses.
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