Paytm shares rebound to hit upper circuit despite RBI setback

Shares of One97 Communications, operating financial services under the Paytm brand along with its banking arm Paytm Payments Bank, remained locked in the 5 percent upper circuit at Rs 341.50 on the BSE as of 01:42 pm on Friday. Despite recovering 7 percent from the day’s low, the stock had witnessed a significant decline, hitting a record low of Rs 318.35 during intra-day trade.

With a combined 20.95 million shares changing hands, there were pending buy orders for a total of 1.34 million shares on both the NSE and BSE. The fintech company’s market price plummeted by 58 percent this month following the Reserve Bank of India’s (RBI) directive to Paytm Payments Bank to halt most of its businesses, including deposits, by February 29.

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As of 2:36 pm, the shares continued to be on the upper circuit of 5 percent at ₹341.30, defying market expectations amidst regulatory challenges.