Paytm shares fell over 10 per cent on Thursday despite Goldman Sachs raising its target price. The stock opened gap down at Rs 1,670, down 3.69 per cent from the previous close of Rs 1,734 on the BSE. Amid selling pressure, the counter tumbled further to hit a 10 per cent lower circuit of Rs 1,560.60. The counter gained some momentum from the lower levels and was last seen trading at Rs 1,647.20, down Rs 106.80 or 6.16 per cent, and the company’s market cap stood at Rs 1,04,383.18 crore.
The stock fell after three consecutive days of gains and underperformed the sector by 6.4 per cent. It was highly volatile today, with intraday volatility of 5.6 per cent. Technically, the stock traded above the 100-day and 200-day moving averages but below the 5-day, 20-day, and 50-day moving averages.
Based on 2 per cent of the five-day average traded value, the stock is liquid enough for a trade size of Rs 9.75 crore.
Share price history
According to BSE Analytics, the stock has given returns of 76.61 per cent in three years and 117.46 per cent in two years. On a year-to-date (YTD) basis, the stock gained 26.89 per cent as against the correction of 15.22 per cent in the benchmark index. It has dropped 5.10 per cent in two weeks. The stock has a 52-week high of Rs 1,856.50 and a 52-week low of Rs 947.10.
RBI removes Paytm Payments Bank from list of scheduled banks
Meanwhile, the Reserve Bank has officially removed Paytm Payments Bank Ltd (PPBL), an associate firm of Vijay Shekhar Sharma-promoted fintech firm Paytm, from the list of recognised scheduled banks after cancelling its banking licence.
In April this year, the Reserve Bank of India (RBI) had cancelled the banking licence issued to PPBL for non-compliance with norms, saying affairs of the bank were conducted in a manner detrimental to the interest of its depositors.
Later, the Delhi High Court ordered that Paytm Payments Bank Ltd (PPBL) be wound up.
“Paytm Payments Bank Limited has been excluded from the Second Schedule to the Reserve Bank of India Act, 1934…,” the central bank said in a statement on Wednesday.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)