Paytm drops 10% as almost 6% of its equity is traded in a block sale at NSE

17 Nov 2022 , 02:47 PM

In intraday trade on Thursday, shares of One97 Communications, which runs the most significant payments platform in India, Paytm, fell 10% to Rs 541.40 on the National Stock Exchange (NSE). Through block trades, over 6% of the company's equity was traded on the exchange.

According to exchange data, up until 9:22 am, about 38 million shares, or 6% of Paytm's equity capital, had changed hands on the NSE. The international IT investor planned to execute block agreements on Thursday to issue shares in Rs. 555 and Rs. 601.45. The share sale's floor price is almost 8% less than Paytm's Wednesday closing price of Rs. 601.6. The one-year post-IPO lock-up period on Paytm shares has now ended, shortly before the share sale.

Currently, the price of Paytm shares is 75% less than their IPO price of Rs 2,150 per share. In November 2021, Paytm released an IPO worth Rs 18,300 crore. On May 12, 2022, the stock dropped to an all-time low of Rs 511.

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