Paytm stock price up by more than 6% today

9 Dec 2022 , 12:15 PM

In intraday trade on Friday, shares of One 97 Communications, a provider of digital financial services that goes by the Paytm brand, increased by about 7% to a high of Rs 542.90 following the company's announcement that it may contemplate a share repurchase.

One 97 has scheduled its board meeting for Tuesday, December 13, to discuss the share repurchase plan, according to a release the company sent to the BSE. Approximately 3.37 lakh shares were traded on the BSE at 9:30 AM, pushing Patym's price up 4.5% to Rs 531.5. The S&P BSE Sensex, in contrast, had increased by 0.1% to 62,615 points.

Paytm trades at an enormous 75% discount to its initial public offering price of Rs 2,150 per share at the current market levels. The stock has been on a free fall since the company's Rs 18,300 crore IPO in November 2021; on November 23, 2022; it reached an all-time low of Rs 439.60 on the BSE.

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