- By Aditya Pratap Singh
- Wed, 21 Feb 2024 12:57 PM (IST)
- Source:PTI
Paytm Shares: Shares of One97 Communications, a parent company of fintech brand Paytm, hit the 5 per cent upper circuit limit for the fourth consecutive session on Wednesday.
The stock of the fintech major surged 5 per cent to Rs 395.05 per piece at NSE, which is the revised upper circuit limit on NSE. Amid the volatile market, the shares of Paytm recovered over 20% in the last four trading sessions, after it tanked over 60%, following RBI's December 31 directions.
On Thursday last week, the stock closed at Rs 325 a piece, and since Friday, it has rebounded and gained more than 20 per cent.
The rally in the Shares of One97 Communication came following the reports that the Enforcement Directorate (ED) investigating the money laundering aspect in fintech firm Paytm Payments Bank Ltd (PPBL) has so far found nothing violating foreign exchange norms. However, the central agency has identified some loopholes in Know Your Customer (KYC) norms.
Last week, the Enforcement Directorate initiated a probe into Paytm Payment Bank's foreign transactions for alleged violation of foreign exchange norms.
Paytm stock is hitting the upper circuit
Earlier, One97 Communications shares rose 5 per cent on Tuesday, a day after hitting an upper circuit limit on Monday. On Friday, shares of Paytm rebounded after three consecutive days of declines as it came under the regulatory scanner for various violations related to its payments banking business.
Shares of One97 Communication had witnessed a series of declines on the stock markets earlier this month following action of the Reserve Bank of India (RBI) against the company's PPBL.
The central bank in its January 31 order, directed Paytm Payment Bank to stop further deposits, credit transactions or top-ups in any customer accounts, prepaid instruments, wallets, FASTaks and National Common Mobility Cards after February 29. Later, the RBI has extended the deadline till March 15.
