A significant update has affected Paytm, causing a notable rise in the shares of its parent company, One 97 Communications Limited.
On Friday, Paytm shares surged by 10 percent, reaching Rs 381.20 on the Bombay Stock Exchange, compared to Rs 346.55 on Thursday.
reaching Rs 381.20 on the Bombay Stock Exchange, compared to Rs 346.55 at the close on Thursday.
This increase followed the revision of Paytm’s circuit limit. The 52-week high for Paytm shares stands at Rs 998.30, while the 52-week low is Rs 310.
This surge follows a revision in Paytm’s circuit limit, effective from Friday. Over the past 52 weeks, Paytm’s share price has varied widely, with a high of Rs 998.30 and a low of Rs 310.
Circuit Limit Revision
The circuit limit for Paytm shares has been increased to 10 percent from the previous 5 percent. The National Stock Exchange (NSE) announced this change, effective from June 7, 2024.
This adjustment follows earlier reductions in Paytm’s circuit limit by stock exchanges. In addition to Paytm, the price bands for Bharat Dynamics Limited, Ather Industries, Hindustan Zinc, and Cochin Shipyard have also been revised.
IPO and Recent Performance
Paytm’s IPO was priced at Rs 2150 when it was launched on November 8, 2021, and remained open until November 10, 2021, with a total subscription of 1.89 times.
However, over the last year, Paytm shares have declined by more than 47 percent. On June 7, 2023, Paytm’s shares were at Rs 727, and by June 7, 2024, they had dropped to Rs 381.20.
In the last six months, the shares have fallen by approximately 43 percent, from Rs 661.35 to Rs 381. Furthermore, since the beginning of the year, Paytm shares have decreased by 41 percent.
