Paytm Share Price Slumps 10% On Finance Ministry's MDR Clarification, Extends Decline To Third Session
One97 Communication appears to be in consolidation mode as it had recorded eight sessions of gains on Monday. It has since erased gains.
Paytm operator One97 Communication Ltd.'s share price lost nearly 8% of its value in a three-session declining spree. The share price slumped 10% at open on Thursday.
The Finance Ministry clarified on Wednesday that the government is not considering imposing merchant discount rates on UPI payments, reaffirming its commitment to low-cost digital transactions.
One97 Communication appears to be in consolidation mode as it had recorded eight sessions of gains on Monday. The stock surged 13.66% in those eight sessions. From Tuesday onwards, the share price has been erasing gains.
In the latest news, the company informed exchanges on Wednesday that it has approved the grant of 23,70,790 stock options to eligible employees under One97 Employees Stock Option Scheme 2019.
The Nomination and Remuneration Committee of the Board has also taken note of 3,46,746 lapsed stock options, the exchange filing said.
Paytm Share Price Today
One97 Communication shares declined 10% to Rs 864.40 apiece, the lowest level since May 29. They erased most gains from its eight session rally.
As of 10:10 a.m., Paytm was trading 6.04% down at Rs 903.25 apiece, compared to a 0.14% decline in the NSE Nifty 50.
The stock has advanced 123.8% in 12 months, while it has declined 11.3% year-to-date. Total traded volume so far in the day stood at 3.9 times its 30-day average. The relative strength index was at 51.59.
Out of 19 analysts tracking the company, nine maintain a 'buy' rating, seven recommend a 'hold' and three suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 6.6%.
