Stock Market: Paytm Shares Hit Lower Circuit, Down By 10%; Tata Motors Jumps 8% In Early Trade; Know Reason

Stock Market:  On the very first trading day of February's second week shares of fintech firms plunged another 10 per cent to hit the lower circuit for the third consecutive day. While the stock of Tata Motor hit a new all-time high value, in the aftermath of its December quarter result.

Tata Motors jump 8 per cent

Shares of Tata Motors rose 8 per cent in early trade on Monday, after the company doubled its net profit to Rs 7,100 crore for the December 2023 quarter.

The stock rose 8 per cent to a record high of Rs 949.60 on the BSE. At around 11:46 am, the stock was trading at 940:60 up by 6.5%.

Also read: National Saving Scheme: Know Eligibility, Interest Rate, And Other Benefits

It is the highest gainer among BSE Sensex companies. During the last year, the company made Rs. 3,043 crore net profit, the first profit in two years.

The company said in a statement on Friday that the revenue in the third quarter of the current financial year has increased by 25 per cent to Rs 1,10,600 crore on an annual basis.

Paytm shares fall for the third consecutive day

Shares of One97 Communications Ltd, which owns the Paytm brand, fell another 10 per cent to touch its lower circuit limit as investors continued to dump the stock following RBI's crackdown.

On the BSE, the stock fell 10 per cent to Rs. 438.35, the lower circuit for the day trade. In the last three trading days, the stock has fallen more than 42 percent, from its market value of Rs. 20,471.25 crore has been wiped out.

RBI, last week, directed Paytm Payments Bank Ltd not to make further deposits or credits to any customer's accounts, prepaid devices, wallets, or cards for payment. No transactions or top-ups. Road toll after 29 February.

Also Read: Paytm Payments Bank Likely To Be Investigated By ED Amid RBI's Money Laundering Charges: Report