Paytm Surges 10% on Tuesday, After Plunging by 37% in 2 Days

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Paytm Surges 10% on Tuesday, After Plunging by 37% in 2 Days
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Shares of One 97 Communications Ltd (NS: PAYT ), the parent company of the digital payments major Paytm surged 9.7% to Rs 1,490.6 apiece at 2:10 pm on Tuesday, after nosediving almost 40% since its debut in the Indian bourses on November 18.

However, brokerages and market experts still advise investors to remain cautious of the fintech stock’s performance. Share India Securities Ltd (BO: SCAC ) advises investors to touch the fintech’s shares for fresh buyings, only when it falls to Rs 1,150 apiece, while other brokerages, like GCL Securities, expect the right time for booking the fintech major’s shares to be when it comes down to the Rs 1,000-1,100 range.

Paytm is unlikely to see aggressive stock market activity due to the ongoing volatility.

The digital lending platform recently released some of its business metrics for the quarter ending September 2021 and October. Its GMV grew 131% YoY to Rs 83,200 in October 2021, and 107% YoY to Rs 1.95 lakh crore for the September quarter, due to a rise in transactions on its platform, aided by the festive season

Paytm debuted on Dalal Street on Nov 18 at a discount of 9.3% against its issue price of Rs 2,150, at Rs 1,950/share. It closed 27% lower the same day and tumbled over 10% on Monday. Its market capitalization has fallen below Rs 1 lakh crore.

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  • Sandeep Narasimhan @Sandeep Narasimhan
    Repeated warnings from Brokerages for retailers. Yet the stock has shown buying interest from second day and confirmed today. So if everyone is negative about stock, then who is buying. Definitely not retailers, looking at volume. Feel this as usual game play by Fund Houses who are looking to drag price lower and lower to get their initial investment at heavy premium averaged out. Retailers will then have no chance to get in as it might zoom like anything. Just a thought, no suggestion here , use your own thought process before investing. Anyways investors in my circle are buying shares worth lakhs every day since listing..
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    • fyzn na @fyzn na
      Like 0
    • fyzn na @fyzn na
      time will tell  all will cry
      Like 0
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