Shares of One97 Communications Ltd, the mum or dad firm of the Paytm model, rebounded on Tuesday morning after experiencing three consecutive days of sharp declines. Despite a weak begin to the buying and selling session, the inventory surged by 7.79 % to Rs 472.50 on the BSE and by 7.99 % to Rs 473.55 on the NSE.
Over the previous three days, the inventory plummeted by over 42 per cent, ensuing in a loss of Rs 20,471.25 crore in market valuation, following regulatory actions from the (*42*) Bank of India (RBI).
On Monday, shares of One97 Communications Ltd hit their decrease circuit restrict.
The RBI’s latest directive instructed Paytm Payments Bank Ltd, a restricted financial institution permitted to simply accept deposits however not authorised to lend, to stop accepting additional deposits or conducting credit score transactions or top-ups on any buyer accounts, pay as you go devices, wallets, or playing cards for paying street tolls after February 29.
Paytm Payments Bank Limited (PPBL) is related to One97 Communications Limited (OCL), with OCL holding 49 % of the paid-up share capital (each immediately and thru its subsidiary) of PPBL. Vijay Shekhar Sharma, the founder, holds a 51 % stake in the financial institution.
(With PTI inputs)
