Paytm saga continues

The saga at Paytm continues. The stock hit a new low today at Rs.536.20, a huge fall from its IPO price of Rs.2150. The stock had hit a new low yesterday too.

This consistent new low prompted the stock exchange to yesterday seek clarification from the company over the significant movement in price, in order to ensure that investors have latest relevant information about the company and to inform the market so that the interest of the investors is safeguarded.

The company clarified today afternoon, saying, “As on date, there is no information/ announcement, which in our opinion may have a bearing on the price / volume behaviour in the scrip of the Company and which is yet not disclosed to the Stock Exchanges.”

It went on to say, “the company would also like to point out the business fundamentals remain robust as demonstrated in our last earning release dated February 04, 2022. We would like to reiterate that the company is committed to comply with the Listing Regulations and any information/ announcement, likely to have bearing on the price/ volume of the shares of the Company would be disclosed, from time to time, to the Stock Exchanges within stipulated timeline.”

Following this clarification, the stock recouped a bit to Rs.562, rising over 3% but slumped down once again into the red and is now trading around the lows at Rs.539.