Shares of One 97 Communications Ltd., parent company of payments aggregator Paytm are locked in a 10% upper circuit and are up for the second day in a row. The stock had ended 3% higher on Tuesday as well.
Sources told CNBC-TV18 on Tuesday that founder & CEO Vijay Shekhar Sharma had met the Finance Minister Nirmala Sitharaman for around 10 minutes. However, no further details are available on what transpired during that meeting.
Shares of Paytm staged a rebound on Tuesday after three consecutive lower circuits across Thursday, Friday and Monday. The stock was down 20% each on Thursday and Friday, post which the circuit filter was revised to 10% on Monday. Sharma is also said to have met RBI officials earlier this week but there was no forward movement on any remedial measures.
On the charts, Paytm's Relative Strength Index (RSI) is staging a rebound from the lows it made on Monday. From levels of 18, the RSI is currently at 25. However, it still remains in oversold territory as a reading below 30 indicates that the stock is oversold.
Paytm's shares made their stock market debut in 2021 and have been one of the biggest wealth destroyers in recent times. The stock is down nearly 75% from its IPO price of ₹2,150.
First Published: Feb 7, 2024 9:43 AM IST
