Paytm shares hit upper circuit for third consecutive day
One97 Communications, the parent company of Paytm, saw its shares surge to a 5% upper circuit for the third straight session on Friday morning. This uptick followed a block deal involving 75.20 lakh shares, equivalent to a 1.2% stake in the company. The deal was executed at an average of ₹391 per share, amounting to ₹296.30 crore and representing a premium of 3.6% over the stock's previous closing price.
Trading volume skyrockets following block deal
Post the block deal, Paytm's trading volume experienced a significant surge with one crore shares changing hands on the exchanges. This was a substantial increase compared to the one-month average of 36 lakh shares. However, at the time of writing, the gains got wiped out and the shares were trading in the red, down 1.65% to ₹371.
Paytm and Adani Group dismiss acquisition speculation
Earlier this week, reports suggested that billionaire Gautam Adani might be considering acquiring a stake in One97 Communications. Both Paytm and the Adani Group have dismissed these reports as mere speculation. In an official statement, Paytm clarified, "We hereby clarify that the news item is speculative, and the company is not engaged in any discussions in this regard." The Adani Group also denied the reports as baseless speculations.
