Paytm shares surge nearly 10% today

Shares of One 97 Communications, Paytm’s parent company, saw a significant rise of nearly 10% in intraday trade on the BSE today. The stock opened at ₹437.55 against the previous close of ₹436.60 and traded 9.07% higher at ₹476.20 apiece, while the Sensex was down by 0.12% at 79,897 at that time.

Since June, Paytm’s share price has been on an upward trend following four consecutive months of decline. Last month, the stock rose over 11%, and in July, it has already gained more than 18%.

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As of 2:45 pm, the shares were trading 8.76% higher at ₹474.80 on the NSE.

The stock experienced significant losses after the Reserve Bank of India (RBI) ordered the closure of its payments bank arm, Paytm Payments Bank (PPBL), starting from March 15 due to non-compliance with KYC norms and other mandated processes. Paytm’s share price has dropped 53% since then. The stock reached its 52-week high of ₹998.30 on October 20 last year and fell to its 52-week low of ₹310 on May 9 this year.