Paytm shares jump 9%, inching closer to Rs 500 level
Paytm) on Monday surged a little over 9% to the day’s high of Rs 477, rising closer to the Rs 500 level after it hit a 52-week low of Rs 310 in May.
The stock fell 20% for two consecutive days after January 31, when the Reserve Bank of India imposed restrictions on Paytm Payments bank including accepting fresh deposits and doing credit transactions. On March 11, the RBI barred Paytm Payments Bank from onboarding new customers.
Since then, the stock has been trading between 310 and 440 levels.
Pursuant to the RBI’s actions on Paytm Payments Bank (PPBL), Paytm terminated its nodal accounts being maintained with PPBL. Subsequently, Paytm discontinued all major business activities with PPBL and has also made amendments to the shareholder's agreement with PPBL by simplifying the terms while also withdrawing its nominee director from the board of PPBL, stated the company filing to the exchanges.
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The company's fourth-quarter results were also impacted by temporary disruptions on account of the UPI transition and permanent disruption because of the Paytm Payments Bank embargo.
The fintech major posted a widened loss for Q4 at Rs 55 crore and a 3% fall in revenue from operations to Rs 2,267 crore against Rs 2,334 crore in the same quarter last year.
In recent updates, the company was also in talks with Zomato for selling its movie ticketing business while it partnered with Samsung Wallet for flight, bus, movies, and events ticket bookings.
So far in the
