Shares of One97 Communications Ltd., the operator of Paytm, rebounded by midday on Friday after it reported a lower-than-expected loss in the first quarter.
Paytm's net loss widened to Rs 840 crore in the quarter ended June 2024 from Rs 551 crore in the previous quarter, according to an exchange filing on Friday. Analysts polled by Bloomberg estimated a net loss of Rs 933.26 crore.
Shares of the company fell as much as 4.42% to 425.60 apiece, the lowest level since July 5. It erased losses to trade 0.71% higher at Rs 449 apiece as of 11:40 a.m. This compares to a 0.6% decline in the NSE Nifty 50 Index.
The stock has fallen 43.78% in the last 12 months and 29.22% year-to-date. The total traded volume so far in the day stood at 1.05 times its 30-day average on NSE. The relative strength index was at 56.27.
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