Paytm stcok crash: The fall in the shares of Paytm continues. After the fall of 13 per cent in the company’s shares on Monday, it saw a fall of more than 13 per cent on Tuesday as well. Shares of the company today closed at Rs 589, down by 12.71% per cent. It had also reached Rs 585 in the day’s trading, which is the lowest price ever. Earlier on Monday, the company’s shares closed at Rs 675.35 on BSE.
Up to 72% drop so far
Today the shares of Paytm have come down to Rs 589. Let us tell you that Paytm had kept the issue price of Rs 2150 in the IPO. The shares of the company have not yet reached this level. Paytm’s all-time high is Rs 1,961, which was recorded on the day of listing. Since then, buying was seen in the shares of the company only in a few trading days, otherwise the company’s shares remained in loss every day. The share of Paytm has lost nearly 72 per cent of its issue price. The market cap of the company has come down to below 40,000 crores.
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Why are the company’s shares falling?
Let us tell you that this fall in the shares of the company came after the news in which the RBI had talked about banning Paytm Payments Bank from adding new customers. Along with this, the bank was also asked to conduct a comprehensive audit of its IT systems. Apart from this, Bloomberg has claimed in a report that Paytm Payments Bank was sharing data to China-based companies.
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The company disbursed 449% more debt in the first two months
Paytm on Tuesday shared an update on its operation performance for the fourth quarter of FY 2022. The fintech company said it has achieved the highest monthly loan disbursal and continues to see sustainable growth in its payments business. The total GMV processed through its platform grew 105 per cent to about Rs 1,65,333 crore in the first two months of the quarter.