Shares of Paytm (One97) communications surged 15% from its intraday lows of Rs 395 hit in morning deals. This comes after 3 consecutive days of the stock hitting lower circuits after RBI’s crackdown on Paytm Payments Bank. At 9:50 AM, shares of Paytm were up 5.2% at Rs 461.45, significantly higher from its opening price.
According to exchange data, over 1% equity changed hands in Paytm at market opening, leading to huge spike in volumes on the counter.
Earlier today, Paytm had issued a clarification on exchanges addressing reports of Jio Financial Services looking to buy Paytm Wallet. Paytm clarified that the reports are completely speculative in nature and confirmed that there is no such development taking place. Jio Financial Services too clarified on the similar note on Monday evening.