Since June of this year, the Paytm share price has steadily increased. The stock saw a selloff for four months in a row, but last month it saw a gain of over 11%, and so far in July it has gained over 17%.
Paytm share price news Today: On Monday, July 8, during intraday trading on the BSE, Paytm stock increased by about 10%, capping a 6% increase in the previous session. In a generally lackluster market, shares of One 97 Communications, the company that owns Paytm, started at ₹437.55 compared to its prior closing of ₹436.60 and increased by almost 10% to ₹479.70.
At ₹472.05 per share, One 97 Communications Limited shares ultimately closed 8.12 percent higher. The benchmark Sensex for equity closed at 779,960.38, down 0.05 percent.
Since June of this year, the price of Paytm’s shares has steadily increased. The stock saw a selloff for four months in a row, but last month it saw a gain of over 11%, and so far in July it has gained over 17%.
The Reserve Bank of India (RBI) ordered it to close its payments bank arm, Paytm Payments Bank (PPBL), on March 15 due to non-compliance with KYC rules and other necessary processes; as a result, the Paytm share price saw a significant loss of almost 53 percent from February to May of this year.
Paytm’s shares reached a 52-week high of ₹998.30 on October 20 of last year. The shares fell to ₹310, its 52-week low, on May 9 of this year.
Why are the shares of Paytm soaring?
Experts say that value investing by investors may have contributed to the recent spike in interest in Paytm’s share price after the company’s MD and founder, Vijay Shekhar Sharma, seemed optimistic about the company’s development prospects.
During the 7th JITO Incubation and Innovation Fund (JIIF) Foundation Day event on July 6, Sharma addressed the Paytm crisis, comparing it to a daughter who had an accident and is currently in the intensive care unit.
Professionally speaking, I would prefer to state that there is no hiding the fact that we ought to have performed better. We ought to have had more comprehension. because we had obligations that we ought to have performed in a far better manner; we took the lesson to heart,” he remarked.
Sharma expressed optimism about the company’s prospects and stated his goal of making Paytm a $100 billion business, while the media extensively covered the story.
In Q4 FY23 compared to Q4 FY22, Paytm recorded a decrease in revenue to ₹2,399 crore from ₹2,465 crore. Losses increased to ₹551 crore from ₹168 crore in Q4 FY23 of the previous year, mostly as a result of writing off ₹227 crore on its 49 percent stake in Paytm Payments Bank Ltd.
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