Paytm makes comeback: Share price recovers from three-day slide

Shares of One97 Communications Ltd, which owns the Paytm brand, rebounded on Tuesday morning after falling sharply for three consecutive days.

Despite a weak start to trading, the stock rose 7.79 per cent to Rs 472.50 on the BSE.

NSE shares rose 7.99% to Rs 473.55.

Following the RBI’s crackdown, the stock plunged more than 42% in the past three days, wiping out Rs 20,471.25 crore in market value.

Shares of One97 Communications Ltd hit the float limit on Monday.

The regulator last week ordered Paytm Payments Bank Ltd, a restricted bank that can only take deposits but not lend, not to accept any further deposits or conduct credit transactions or recharge any customer account, prepaid instrument, wallet, payment card on February 29 road tolls from now on.

Paytm Payments Bank Limited (PPBL) is an associate company of One97 Communications Limited (OCL).

One97 Communications holds 49% of the paid-up share capital of PPBL (either directly or through its subsidiaries).

Founder Vijay Shekhar Sharma owns 51% of the bank.

(This story has not been edited by News18 staff and is published from associated news agency – PTI)