Last Updated: February 10, 2023, 13:45 IST
Shares of Paytm parent One 97 Communications slumped more than 8% to Rs 653.5 in Friday’s trade on BSE amid reports of a large block deal, reported CNBC-TV18.
Around 2.1 crore shares of Paytm, which represents 3.4 percent stake in equity, changed hands through block deal. The buyer and seller could not be ascertained immediately.
However, it has been on a winning streak for the last four trading days, till Thursday, on the back of a healthy set of December quarter results and major global brokerages turning bullish and raising target prices on the stock.
Earlier this week, the fintech firm posted its first-ever quarterly operating profit three quarters ahead of its guidance and the company’s losses also narrowed during the third quarter of the current fiscal.
The digital payments and financial services company’s loss in the corresponding period last year was Rs 778 crore, whereas it stood at Rs 572 crore in the September quarter.
In a letter to shareholders, Paytm founder and chief Vijay Shekhar Sharma said the company had achieved operating profitability in Q3, which is three quarters ahead of the guidance which was for the September quarter.
Paytm parent’s consolidated revenue from operations increased by 42% year-on-year (YoY) to 2,062 crore, driven by an increase in merchant subscription revenues, growth in loan distribution and momentum in the commerce business.
Its merchant subscriptions stood at 5.8 million compared to 3.8 million a year ago. The number of merchants paying subscriptions increased by 1 million sequentially.
Global brokerage firm Macquarie, after releasing several bearish reports on Paytm, gave a double upgrade to the stock and raised its target price to Rs 800.
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