Paytm Crisis: The last few days have brought a lot of relief for Paytm which is in crisis. The historic decline in the stock of Paytm's parent company One 97 Communications has stopped. Now for the last three days the shares of the company are continuously touching the upper circuit. From Friday to Tuesday, Paytm shares have increased by 5 percent daily. The company's shares have gone up by more than 15 percent in the last three trading sessions.
Paytm shares went down by 50 percent
After RBI action against Paytm Payments Bank, Paytm shares went down by almost 50 percent. However, investors were encouraged by the media reports of RBI extending the deadline, the agreement with Axis Bank, Bernstein's rating and nothing being found in the ED probe for the last three days. Have been. Paytm shares closed at Rs 376.25 on Tuesday. After a huge fall in the company's stock, a limit of 5 percent was imposed.
Nothing has been found yet in the ED investigation
Recently, giving relief to Paytm, RBI had extended the deadline for closing deposits from 29th February to 15th March. Apart from this, it was claimed in various media reports on Monday that the ED, which is investigating the violation of FEMA Act (Foreign Exchange Management Act), has not found any evidence against the company. Last week, One 97 Communications had also given its nodal account to Axis Bank. Due to this, the crisis on its QR code, sound box and card machine was also averted.
Shares can touch the figure of Rs 600
Paytm founder and MD Vijay Shekhar Sharma was continuously defending the company. Recently, RBI had issued FAQs regarding the ban on Paytm Payments Bank. Sharma had expressed happiness about this. He had said that merchants should not pay attention to rumours. Apart from this, brokerage firm Bernstein had expressed hope that the company's shares could touch the figure of Rs 600.
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