Paytm shares rebound after three days of heavy fall

NEW DELHI: Shares of One97 Communications Ltd, the parent company of the Paytm brand, staged a recovery on Tuesday morning following a three-day decline.
The stock surged by 7.79% to Rs 472.50 on the BSE, despite initially trading weakly. Similarly, on the NSE, it climbed by 7.99% to reach Rs 473.55.
Over the past three days, the stock had plummeted by over 42%, erasing Rs 20,471.25 crore from its market valuation, triggered by regulatory actions from the RBI.
On Monday, shares of One97 Communications Ltd had hit their lower circuit limit.
The RBI's recent directives mandated Paytm Payments Bank Ltd (PPBL), a restricted bank that can accept deposits but cannot provide loans, to cease further deposits, credit transactions, and top-ups on customers' accounts, prepaid instruments, and cards for toll payments after February 29.