Amid continued decline in One97 Communications shares and touching all-time lows, the parent firm of digital payments major Paytm on Wednesday said its business fundamentals are sound and there is no price-sensitive information that has yet to be shared with the stock. Not disclosed to exchanges.
Paytm’s parent firm One97 Communications said in a BSE filing, “The company would also like to state that business fundamentals remain strong, as demonstrated in our previous earnings release.”
In early trade on Wednesday, the company’s shares touched a new all-time low of Rs 541 and were then trading up 0.23 per cent higher at Rs 545.5. Since its listing in November 2021, the company has wiped out over Rs 1 lakh crore in market capitalization.
“As on date, there is no information/announcement which, in our opinion, could have a bearing on the price/volume behavior in the shares of the Company and which has not yet been disclosed to the stock exchanges,” the company said.
It said that the company is committed to comply with the listing rules and any information/announcement having bearing on the price/volume of shares of the company shall be disclosed to the stock exchanges from time to time. timeline.
On Tuesday, the BSE had sought clarification from One97 Communications Ltd regarding significant movement in its share price, to ensure that investors have the latest relevant information about the company and to inform the market so that be of interest. Investors are protected.
Paytm shares have eroded nearly 75 per cent of investors’ wealth from its IPO issue price of Rs 2,150 per share.
The company got listed on the stock exchanges in November 2021. The stock has lost 32 per cent in the past one month due to continued negative news flow. In comparison, the S&P BSE Sensex closed with a marginal decline of 0.21 per cent during the same period. The stock hit a record high of Rs 1,961.05 in intra-day trade on November 18, 2021, but failed to touch its issue price post listing.
The Reserve Bank of India (RBI) on March 11 barred Paytm Payments Bank Ltd (PPBL) from inducting new customers with immediate effect due to certain supervisory concerns. PPBL processes transactions for India’s digital payments giant Paytm.
“Paytm stock is in continuous decline on negative sentiments and may touch 500-450 levels in near term. Ravi Singh, Vice President, ShareIndia said, “Investors should avoid this stock for the time being.
Manoj Dalmiya, Founder and Director, Profitable Equities said that while the prices are expected to fall further as there is no support, it may fall towards Rs 425 level which could be scary for the investors.
“Buy is suggested after some price reversal with proper base formation and crossing Rs 800 level. Basically a good quarterly result with proper business guidance can drive up the prices which could be a good time to buy.”
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