Morgan Stanley on Friday (February 2) bought 50 lakh shares of One 97 Communications Ltd, which owns the Paytm brand, for nearly ₹244 crore
through an open market transaction.
According to the bulk deal data on the NSE, Morgan Stanley Asia (Singapore) Pte purchased 50 lakh shares, amounting to a 0.8% stake in Paytm. The shares were acquired at an average price of ₹487.20 apiece, taking the deal size to ₹243.60 crore.
The stock tanked 20% to ₹487.05 — its lowest trading permissible limit for the day — on the BSE. On the NSE, it tumbled 20% to hit the lower circuit limit of ₹487.20. Shares of One 97 Communications plummeted 20% on Thursday as well. In two days, the company's market capitalisation (mcap) eroded by ₹17,378.41 crore to ₹30,931.59 crore.
Fintech firm Paytm sees an impact of ₹300-500 crore on its annual operational profit as its customers will not be able to add money to their wallets, FASTags, etc, as RBI barred Paytm Payments Bank Ltd from accepting deposits or top-ups in any customer account.
The central bank on Wednesday barred PPBL from accepting deposits or top-ups in any customer account, prepaid instruments, wallets, and FASTags, among others after February 29, 2024. Till then, customers can add money as well as withdraw money from the Paytm wallet and PPBL account.
RBI said the action against PPBL followed a comprehensive system audit report and subsequent compliance validation report from external auditors. One97 Communications Ltd (OCL) holds a 49% stake in PPBL but classifies it as an associate of the company and not as a subsidiary.
