News Stock Market

Paytm shares hit upper circuit on NPCI’s nod; Here are all other details on what should be your strategy on the stock

Paytm share price today: Paytm share price went up and stuck in the upper circuit of 5% a day after getting its application approved from NPCI and partnering up with SBI.

The stock of One97 Communication advanced 5% to hit the upper band of Rs 370.70 a day after the company got the approval from NPCI to act as a third-party UPI app under the multi-bank model, just like its rivals PhonePe and Google Pay. Earlier, the company’s operations were supported by Paytm Payments Bank, which will shut its operations on March 15 to comply with RBI’s actions.

The company will be able to provide its services to customers through this new model. It has tied up with four other banks, which will become Payment System Provider. Axis BankHDFC BankYes Bank, and State Bank have partnered with One97 Communication.

Also, Yes Bank will work as a merchant banker for Paytm’s existing customers as well as for new ones. Now, the UPI handle @Paytm will get redirected to Yes bank.

Shares of the fintech company have been seeing a free fall since RBI took action against it. The shares of One97 Communication have fallen nearly 3 times from its 52-week-high of Rs 998.30, compared to the previous close of Rs 353.05.

In the last five days, the stock has fallen more than 8% and over 58% in the past six months. It has wiped out more than 35% in the last year and 43% from year-to-date.

Leave a Reply

Your email address will not be published. Required fields are marked *