Paytm clarifies BSE query of hitting all-time low shares

BSE sought a clarification from One 97 Communications, the parent firm of payments solution company Paytm, over the sharp fall in its share prices.

The statement read, “The company has been complying with Regulation 30 of the SEBI Regulations, 2015 and have, from time to time, made all necessary disclosures to the Stock Exchanges within stipulated timeline. The company would also like to point out that 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,” the statement added.

Last week, Macquarie Capital Securities had dropped the target price of One97 Communications to Rs 450, down by 36 percent as compared to Rs 700 it had predicted in February. The brokerage firm sharply marked down its valuation estimate for Paytm in line with the demeaning since in global financial technology companies.

BSE asking for clarification is not common. The exchange has not specified what the significant movement is even as the stock has come to a fourth of the IPO price.