Paytm Jumps The Most In 10 Months; Locked In Upper Circuit
The stock rose as much as 10% during the day to Rs 381.3 apiece on the NSE.
Shares of Paytm parent One97 Communications Ltd. jumped the most since Aug. 7 2023, and were locked in an upper circuit of 10% on Friday.
According to a Business Standard report, the company is revisiting its business strategy after it faced regulatory action from the Reserve Bank of India. Chief Executive Officer Vijay Shekhar Sharma has decided to oversee daily operations, with all major verticals reporting directly to him.
Shekhar said he would bank on the company's technological and distribution network to take things forward for the company, according to the report.
Shares of One97 Communications rose as much as 10% during the day to Rs 381.3 apiece on the NSE. It was still locked in an upper circuit of 10%, compared to a 1.57% advance in the benchmark Nifty as of 1:20 p.m.
The share price has fallen 40% on a year-to-date basis and 56.06% in the last 12 months. The total traded volume on the NSE so far in the day was 1.32 times its 30-day average. The relative strength index was at 56.02.
Five out of the 17 analysts tracking the company have a 'buy' rating on the stock, as many recommend 'hold' and seven suggest 'sell,' according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 6.2%.
