Shares of Paytm were under pressure with three block trades involving up to 1.1% of the company’s equity, approximately 72.5 lakh shares, according to a Bloomberg report. The names of the buyers or sellers were not immediately known.
Shares of One 97 Communications, Paytm’s parent company, experienced heavy trading volumes over 3.2 times the three-month average, causing the stock to decline for the second consecutive day. Year-to-date, the shares have fallen over 35%, and they are down by more than 50% compared to a year ago.
The company has been in the news following Zomato’s confirmation on June 16 that it is in discussions to acquire Paytm’s movie-ticketing and events business. Zomato stated, “We acknowledge that we are in discussions with Paytm for the transaction, however, no binding decision has been taken at this stage that would warrant a Board approval and subsequent disclosure in accordance with applicable law.”
As of 1:52 PM, Paytm shares were trading 1.48% lower at ₹418.75 on the NSE.
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