After a tumultuous start to the year, the fintech giant, Paytm is recently showing signs of a recovery in the stock market. The company following a sharp decline earlier due to regulatory actions against its banking arm, Paytm Payments Bank, have been en route to recovery for some weeks now in its share price.
Recent Surge in Stock Prices
On Monday (July 8), Paytm's parent company, One 97 Communications, saw its shares soar over 9 percent.
A USD 100 Billion Goal
The company CEO Vijay Shekhar Sharma during the 7th JIIF Foundation Day event, said, "I have a personal ambition to make Paytm a USD 100 billion Indian company."
Shares performance
One 97 Communications stock traded higher by 9.07 per cent to reach Rs 476.20 apiece around 1:45 pm.
On NSE by 2:34 pm IST, the shares were up by 8 per cent at Rs 472.40.
The shares of the company at 3:30 pm IST closed at Rs 472.95, up by 8.34 per cent and on NSE, it ended at Rs 472.95, up by 8.34 per cent.
Market Performance
As of mid-July, the shares of the company rose by approximately 18 percent and has been actively recovering from the losses incurred earlier this year, following regulatory challenges.
Paytm's Net Loss is due to top brass esop's | Representative Image
Financial Highlights
Paytm reported a decline in revenue to Rs 2,399 crore in Q4 FY23 from Rs 2,465 crore the previous year. The company also faced increased losses, primarily due to write-offs related to its investment in Paytm Payments Bank Ltd.
