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Paytm Shares Hit 5% Upper Circuit After RBI Clarifies On UPI Operations

Inc42 · 1y ago

Paytm Shares Hit 5% Upper Circuit After RBI Clarifies On UPI Operations

Shares of Paytm's parent company, One97 Communications Limited, saw a 5% rise in the early trading session on the National Stock Exchange. This surge follows the Reserve Bank of India's advice to the National Payments Corporation of India to review Paytm's request to become a third-party application provider for UPI payments. Paytm's stock saw a decline after the RBI imposed restrictions on Paytm Payments Bank. The central bank has set a March 15 deadline for the bank to stop all deposits, credit transactions, and top-ups in customer accounts. Paytm's shares rebounded last week, making it the biggest gainer.

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Why did Paytm shares hit 5% upper circuit today?

Inshorts · 1y ago

Why did Paytm shares hit 5% upper circuit today?

The shares of One97 Communications, the parent company of Paytm, hit 5% upper circuit on NSE on Monday. This comes after the fintech firm said that it has intensified its focus on insurance distribution to Paytm consumers and small merchants and SMEs. Paytm shares closed at ₹357.95 today against the previous close of ₹340.90 on the NSE.

Paytm price band revised to 10% after investors lose ₹15,000 crore in 2 days

Money Control

Money Control · 1y ago

Paytm price band revised to 10% after investors lose ₹15,000 crore in 2 days

The daily limit on shares of Paytm operator One97 Communications has been revised to 10% from 20% on NSE and BSE. The change comes after the stock hit 20% lower circuit for the second consecutive day on Friday, wiping out ₹15,016 crore from investors' wealth in two days. Paytm stock was hit after RBI put curbs on Paytm Payments Bank.

Ola Electric Teases Launch Of Electric Bike On August 15

Inc42 · 1y ago

Ola Electric Teases Launch Of Electric Bike On August 15

EV startup, Ola Electric, hinted at the launch of an electric bike during its annual event on August 15. In a video shared on social media, the company teased the rough sketch and silhouette of the upcoming ebike model. Recently, shares of Ola Electric listed on exchanges, and after a lukewarm start, jumped 20% to hit the upper circuit.

How did Paytm, Zomato & other startup stocks react amid market crash?

Inshorts · 1y ago

How did Paytm, Zomato & other startup stocks react amid market crash?

Shares of listed new-age tech companies declined up to 17% as stock market crashed amid counting of votes on Tuesday. Paytm hit a lower circuit of 5%, while Zomato and Mamaearth parent Honasa Consumer fell 16% and 17%, respectively. Shares of Delhivery and Nykaa fell by over 8% each and PB Fintech fell by 6%.

Paytm shares jump another 5%. What's working in Vijay Shekhar Sharma's favour?

Economic Times

Economic Times · 1y ago

Paytm shares jump another 5%. What's working in Vijay Shekhar Sharma's favour?

Shares of One 97 Communications, the parent company of Paytm, rose by 5% after the Reserve Bank of India (RBI) allowed Paytm to transfer its IPO-based payments business from Paytm Payments Bank to other banks. The RBI has also directed the National Payments Corporation of India (NPCI) to consider Paytm's request to become a third-party application provider for the UPI platform. Global brokerage firm Morgan Stanley has maintained an equal-weight call on Paytm, while Jefferies has moved the stock to the "Not Rated" category due to regulatory uncertainties. However, Bernstein maintains an outperform rating with a target price of Rs 600.

Touché: Ashneer Grover as Mamaearth shares surge 20%

Twitter · 1y ago

Touché: Ashneer Grover as Mamaearth shares surge 20%

BharatPe's former MD Ashneer Grover took to X to share a graph showing the surge of Mamaearth parent Honasa Consumer's shares and wrote, "Touché!" Honasa Consumer's shares surged 20% and hit the upper circuit at ₹423.75, as the company's Q2 profit nearly doubled to nearly ₹30 crore. In a now-deleted tweet, Ashneer claimed he applied for Mamaearth IPO.

Paytm denies report of selling wallet business to Jio Financial Services, HDFC Bank

Inc42 · 1y ago

Paytm denies report of selling wallet business to Jio Financial Services, HDFC Bank

Paytm has denied reports of selling its wallet business to Jio Financial Services and HDFC Bank. Speculation arose after a report claimed that Paytm was in talks to sell its wallet business due to regulatory pressure from the Reserve Bank of India. However, a source at Paytm dismissed the report as speculation. Last week, RBI imposed restrictions on Paytm's payments bank, causing concern among merchants and customers. Paytm's shares were heavily sold, resulting in a lower circuit limit.

Axis Bank Saves The Day As Paytm Shifts Nodal Account Post RBI’s Refusal To Extend Deadline

Inc42 · 1y ago

Axis Bank Saves The Day As Paytm Shifts Nodal Account Post RBI’s Refusal To Extend Deadline

Fintech major Paytm has shifted the nodal account of Paytm Payments Bank to Axis Bank, ensuring seamless merchant settlements. The move comes after the Reserve Bank of India (RBI) refused to extend the deadline for termination of the nodal accounts of Paytm Payments Bank. RBI extended the deadline for business restrictions to March 15 from February 29. Paytm's shares saw a massive selloff after the directive, but closed 5% higher at INR 341.50 on Friday.

Paytm shares crash over 42% in 3 days; investors lose Rs 20,500 crore

Economic Times

Economic Times · 1y ago

Paytm shares crash over 42% in 3 days; investors lose Rs 20,500 crore

Shares of Paytm, the troubled fintech company, fell another 10% on Monday, reaching its lower circuit limit on the stock exchange. This comes as the regulatory crisis surrounding the company deepens, with fresh allegations of money laundering and an investigation by the Directorate of Enforcement (ED) emerging. Paytm has lost 42.4% of its value in the last three trading sessions, and stock exchanges have reduced the lower circuit limit to 10%. Paytm Payments Bank is also facing an existential crisis following a ban imposed by the Reserve Bank of India (RBI).

Everything About Paytm's Crisis

Inc42 · 1y ago

Everything About Paytm's Crisis

The Indian fintech company Paytm has seen a significant drop in its shares following actions taken by the Reserve Bank of India (RBI). The RBI has barred Paytm Payments Bank from accepting deposits, credit transactions, or top-ups in customer accounts. It has also stopped the bank from providing other banking services, such as UPI facility and fund transfers, after February 29, 2024. Paytm has experienced a decline in its shares, reaching an all-time low on the stock exchange. The company's competitors, including HDFC Bank, PhonePe, and Google Pay, have made efforts to convince Paytm merchants to switch to their platforms. The Enforcement Directorate has been investigating lapses at Paytm, and there have been reports of forex violations against Paytm Payments Bank. Paytm shares have faced consecutive declines, prompting the company to meet with the RBI officials and seek resolutions.

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