Paytm’s parent company, One97 Communications, saw its shares rise by 5% in early trading on May 31, marking the third consecutive day of hitting the upper circuit limit. This surge followed a significant block deal involving 75.20 lakh shares, which represent a 1.2% stake in the company.
The block deal was executed at an average price of Rs 391 per share, amounting to a total of Rs 296.30 crore. This price was a 3.6% premium to the previous closing price of Rs 377.40 per share.
As of 09:39 am, Paytm shares were trading at Rs 391.60 on the NSE, slightly below the day’s high of Rs 396.25. The volume of shares traded skyrocketed, with one crore shares changing hands, compared to the one-month average of 36 lakh shares.
The stock has been on an upward trend following rumors that billionaire Gautam Adani might be looking to acquire a stake in One97 Communications. However, Paytm quickly dismissed these rumors, stating that the news was purely speculative and that the company is not involved in any such discussions. Paytm affirmed its commitment to making disclosures in line with SEBI regulations.
Similarly, the Adani Group also denied these reports, calling them baseless speculations.
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