Shares of One97 Communications-parent company of Paytm-rose over 3 percent on Monday as investors cheered the reappointment of Vijay Shekhar Sharma as the Chief Executive Officer and Managing Director.
The resolution to reappoint Sharma saw the support of 99.67 percent of shareholders.
Ahead of the August 21 Annual General Meeting, proxy advisory firm IiAS had recommended against the reappointment of Sharma. After IiAS, two other proxy advisory firms, Stakeholders Empowerment Services (SES) and InGovern Research Services, advised against his reappointment and remuneration.
According to IiAS, several commitments made by Sharma made in the past have not played out.
The company has reiterated its plan to turn operationally profitable by September-end 2023.
Also Read |
Analysts acknowledge the improvement in business trajectory but await delivery and sustenance of profitability.
The fintech major’s net loss widened on year to Rs 644.4 crore in the June quarter of the current fiscal, against a loss of Rs 380.2 crore in the corresponding quarter of the last fiscal year. The digital payments platform's revenue, however, skyrocketed 88.5 percent on year to Rs 1,679.6 crore.
At 9:20 am, shares of Paytm were trading 3.2 percent higher at Rs 796.8 on the BSE.
On the BSE, Paytm shares opened for the first time at Rs 1,955, a discount of 9 percent to the issue price of Rs 2,150. Currently, the stock is at a 63 percent discount from the issue price.
The AGM was the first after the firm listed on exchanges last November.
Paytm counts Ant Group Co.’s Antfin (Netherlands) Holding BV., SoftBank Group Corp. and Canada Pension Plan Investment Board among its top shareholders.
First Published: Aug 22, 2022 9:58 AM IST
