Paytm shares rebound after three days of heavy fall; stock jumps 7%

NewsDrum Desk
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New Delhi: Shares of One97 Communications Ltd, which owns Paytm brand, rebounded on Tuesday morning after three days of sharp fall.

The stock jumped 7.79 per cent to Rs 472.50 on the BSE despite a weak beginning to the trade.

It climbed 7.99 per cent to Rs 473.55 on the NSE.

In the past three days, the stock tumbled over 42 per cent, wiping out Rs 20,471.25 crore from its market valuation, following the RBI's crackdown.

Shares of One97 Communications Ltd had hit its lower circuit limit on Monday.

The regulator last week ordered Paytm Payments Bank Ltd, a restricted bank that can take deposits but cannot lend, to not take any further deposits or conduct credit transactions or carry out top-ups on any customers accounts, prepaid instruments, wallets, cards for paying road tolls after February 29.

Paytm Payments Bank Limited (PPBL) is an associate of One97 Communications Limited (OCL).

One97 Communications holds 49 per cent of the paid-up share capital (directly and through its subsidiary) of PPBL. Founder Vijay Shekhar Sharma has a 51 per cent stake in the bank.