Shares of Paytm hit the upper circuit of 5% in the afternoon session today. The stock rose to Rs 341.50 against the previous close of Rs 325.25 on BSE. Market cap of the firm rose to Rs 21,690 crore. Paytm saw 21.65 lakh shares changing hands amounting to a turnover of Rs 72.29 crore on BSE.
Paytm's counter has been under tremendous pressure since the Reserve Bank announced restrictions on Paytm Payments' operations amid persistent non-compliances and continued material supervisory concerns.
While restrictions on Paytm Payments Bank do not directly impact One97 Communications lending business, brokerages seem to be divided on the matter. Some brokerages see a huge customer exodus impacting loan distribution, while some say the impact will only be on the wallets business.