Paytm Surges to 5% Circuit
One97 Communications, Paytm‘s parent company, experienced a 5 percent upper circuit at the opening of trading on May 31. This surge followed a block deal involving 75.20 lakh shares, equivalent to a 1.2 percent stake in the company. Executed at an average of Rs 391 per share, the deal amounted to Rs 296.30 crore. The average floor price of the transaction was 3.6 percent higher than the previous closing price of Rs 377.40 per share.
As of 09:39 am, the c shares were trading at Rs 391.60 on the NSE, slightly below the day’s peak of Rs 396.25. This session marks the third consecutive day of Paytm shares hitting the 5 percent upper circuit. Following the block deal, trading volume surged with one crore shares exchanged on the exchanges, significantly higher than the one-month average of 36 lakh shares.
The stock has been surging following reports earlier this week that suggested billionaire Gautam Adani might be considering acquiring a stake in Paytm’s parent company, One97 Communications.
However, Paytm swiftly responded with a clarification, dismissing the reports as mere speculation. In an official statement, Paytm emphasized, “We hereby clarify that the abovementioned news item is speculative, and the company is not engaged in any discussions in this regard. We have always made and will continue to make disclosures in compliance with our obligations under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.”
Similarly, the Adani Group promptly denied the media reports, categorizing them as baseless speculation.
