Paytm slumps 8% as large block deals take place on bourses

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February 10, 2023
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Around 2.1 crore shares of Paytm, which represents 3.4 percent stake in equity, changed hands through block deal.

One 97 Communications | CMP: Rs 589.30 | The stock price jumped over 5 percent after the company’s December quarter earnings performance enthused investors. Paytm’s revenue surged 41 percent to Rs 2,062 crore in the December quarter (Q3), compared to the year-ago period, while net loss narrowed to Rs 392 crore, according to a regulatory filing. The digital payments and financial services company’s loss in the corresponding period last year was Rs 778 crore, whereas it stood at Rs 572 crore in the September quarter, Paytm said. JP Morgan said the numbers were a “surprise” and it maintained an overweight stance in the stock. The broker has a target at Rs 950 on the stock.

Shares of Paytm parent One 97 Communications slumped more than eight percent on February 10 after large block deals took place on the bourses, reported CNBC-TV18.

Around 2.1 crore shares of Paytm, which represents 3.4 percent stake in equity, changed hands through block deal. The buyer and seller could not be ascertained immediately.

At 9:50 am, shares of the company were trading 6.5 percent lower at Rs 666.4 on the BSE.

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