BSE seeks clarification on PTM share decline
Fundamentals The company answers that it is good
New Delhi, March 23: Stock exchanges are on high alert over the vertical fall in the payment, QR code, aggregator, and Paytm shares. Shares of Paytm parent company One97 Communications are declining day by day. BSE sought clarification from the company on the stock fluctuations. The Exchange ordered the immediate release of the latest information about the company in the interests of investors. In response, Paytm explained that their business fundamentals were strong and that it was sending information to the exchanges from time to time that could affect the company’s stock as per SEBI listing rules. Even with this explanation, the stock fall did not stop. Shares of 97 Communications lost another 3.5 percent to close at Rs 524 on Wednesday.
Wealth loss of Rs 1 lakh crore in 4 months
The stock currently stands at 25 percent of the IPO price issued by the company four months ago. The shares were sold at an IPO price of Rs 2,150 and were listed at Rs 1,955 on November 18, 2021. At the public offer price, Paytm was valued at Rs 1,39,432 crore and now stands at Rs 35,282 crore. As a result, investors lost lakhs of crores of rupees in this stock.