Shares of Paytm parent One97 Communications surged by 5 percent in early trade on May 31 following a significant block deal involving 75.20 lakh shares, which represents a 1.2 percent stake in the company.
The deal, executed at an average price of Rs 391 per share, totaled Rs 296.30 crore. This price was a 3.6 percent premium to the previous closing price of Rs 377.40 per share.
As of 09:39 am, Paytm shares were trading at Rs 391.60 on the NSE, slightly below the day’s high of Rs 396.25.
This marks the third consecutive day the shares have hit the 5 percent upper circuit. The block deal also led to a surge in trading volumes, with one crore shares changing hands compared to the one-month average of 36 lakh shares.
The stock has been performing well amid speculation that billionaire Gautam Adani might be considering acquiring a stake in One97 Communications.
However, Paytm has dismissed these reports as speculative, stating that there are no ongoing discussions regarding such an acquisition. The Adani Group also denied the rumors, calling them baseless.
