Paytm stock edges up from record low, hitting upper circuit

16 Feb 2024 , 02:25 AM

Paytm shares reached the upper circuit of 5% during today’s afternoon trading. In contrast to the previous BSE close of ₹325.25, the stock increased to ₹341.50. The company’s market value increased to ₹21,690 crore. 21.65 lakh shares, or a BSE turnover of ₹72.29 crore, were exchanged by Paytm. 

Earlier today, Paytm shares experienced a record drop for the fourth day in a row as a result of the BSE and NSE stock exchanges lowering the circuit restrictions from 10% to 5%. On February 15, the revised circuit limits went into effect. On the BSE today, the stock dropped 2% to a low of ₹318.35.

Following restrictions on the Paytm Payments Bank by the Reserve Bank of India (RBI), the company’s shares have become volatile. 

Exchanges had already reduced the circuit limit for Paytm shares from 20% to 10% after extreme volatility following restrictions placed on the Paytm Payments Bank by the Reserve Bank of India (RBI).

In an explanation to bourses on February 14, the fintech major said that the Enforcement Directorate has ‘over time’ requested various papers that the business has delivered. This is when the Paytm stock also became erratic.

The Enforcement Directorate (ED) questioned representatives of Paytm Payments Bank, the fintech company’s payments branch, this week for suspected violations of the Foreign Exchange Management Act (FEMA), according to a story in The Economic Times. In support of the investigation, the agency received papers and information from the corporate officials.

For feedback and suggestions, write to us at [e-mail]