Paytm became multibagger stock, gave more than 100% return
Paytm became multibagger stock, gave more than 100% return…
The stock of fintech company paytm has been making tremendous jump for two days. On friday, the last trading day of the week, it also saw a tremendous jump of 13.86 percent and touched the figure of Rs 631.30. paytm stock, which touched the lowest level of 52 weeks of Rs 310 on May 9 this year, has now become a multibagger stock by jumping more than 100 percent in just 3 months. On friday evening, it closed at Rs 621.90, up 67 rupees on NSE.
Gave more than 103 percent return since May
During trading on friday, Paytm's parent company One 97 Communications' stock saw huge fluctuations. It saw a lot of volatility from the lowest level of Rs 543 to the highest level of Rs 631. It has given more than 103 percent return since May. The wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital payment company recently sold its event and movie ticket business to Zomato. The deal was done for Rs 2,048 crore. Due to this deal, investors' attitude towards paytm now remains positive.
event and movie ticket business sold to Zomato
The company has data-faced a huge crisis for a long time after the reserve bank of india (RBI) banned paytm Payments Bank. Now after the deal with Zomato, paytm CEO vijay shekhar sharma had said that now the company will focus on its core business financial services. Along with this, he has also got approval from the Finance Ministry to reduce his stake in paytm Payments Services. Due to this, they will be able to apply for payment aggregator license again.
Paytm's worst is probably over now
Experts told business Standard that Paytm's worst time is probably over. However, some concerns still remain. The ongoing investigation regarding the IPO is one of them. In such a situation, you can invest in this stock carefully for the long term. However, Rs 530 is now considered to be the lowest level for paytm stock. It is expected to go up to Rs 685.