Shares of Paytm-operator One97 Communications Ltd. hit 5% lower circuit in early trade on Thursday after a SoftBank affiliate, SVF India Holdings Ltd., reduced its stake in the company.
SVF India Holdings pared its stake to 2.83% from 5.01%. It has sold 1.38 crore shares between Jan. 23 and Feb. 26, via open market transactions, Bloomberg reported.
Shares of Paytm hit 5% lower circuit and fell to Rs 385.90 apiece, the lowest level since Feb. 23. It came off the lower circuit to trade 3.48% lower at Rs 392.05 apiece, compared to a 0.15% decline in the NSE Nifty 50 as of 12:33 p.m.
The stock has declined 34.03% in 12 months. The total traded volume so far in the day stood at 1.0 times its 30-day average. The relative strength index was at 35.80.
Of the 14 analysts tracking the company, six maintain a 'buy' rating, three recommend a 'hold,' and five suggest 'sell', according to Bloomberg data. The average 12-month analysts' price target implies an upside of 73.3%.
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