One97 Communications Ltd, the owner of Paytm, witnessed a significant drop of almost 5 percent in its shares following a substantial block deal. Approximately 1.6 crore shares, equivalent to a 2.56 percent stake in the company and valued at Rs 1,441 crore, changed hands in this noteworthy transaction, reported by CNBC-TV18. The average transaction price stood at Rs 884 per share.
The specific details of the buyers and sellers involved in this block deal were not immediately disclosed. The stock experienced a low of Rs 880 per share, marking a decline of as much as 4.6 percent intraday. As of 10:20 am, the scrip was trading at Rs 898 per share, indicating a 2.7 percent decrease from its previous close.
The recent regulatory measures introduced by the Reserve Bank of India (RBI), impacting consumer lending norms, have brought Paytm under increased scrutiny. Analysts at CLSA suggest that these regulations might have an effect on fintech intermediaries like Paytm, although the anticipated impact may not be deemed significant.
By 10:48 am, the shares were trading 2.75% lower at ₹898.05.