Shares of One 97 Communications, which owns the Paytm model, fell sharply by over 6 per cent on Monday to hit its all-time low of Rs 1,151 earlier than closing at Rs 1,157.9. The shares of the got here below strain following information that HDFC Mutual fund, one of many 4 mutual funds that had been anchor buyers in its IPO, considerably lowered its holding of Paytm throughout two schemes within the month ended December 2021.
The fall
Paytm fell 6 per cent Monday and so they have misplaced 13 per cent since December 31, 2021. While MFs held 0.81 per cent within the firm as of November 17, 2021, disclosure of discount in holding by HDFC Mutual fund within the firm, weakened sentiment. “When the fund manager believes the stock may continue to trade low over the near to mid-term, they book losses and exit,” mentioned a fund supervisor. A HDFC MF spokesperson declined to remark as fund homes don’t touch upon stock-specific funding selections. Macquarie lower its worth goal by 25 per cent to Rs 900 from round Rs 1,200, retaining its ‘underperform’ ranking.
Paytm responds
The variety of loans disbursed by means of the Paytm platform rose 401 per cent year-on-year to 4.4 million loans within the third quarter of FY 2022. “… In Q3FY22, value of loans disbursed via our platform during the quarter was Rs 2,180 crore (run-rate of $1.2 billion), an increase of 365 per cent. We have seen stellar growth in … lending products…,” Paytm mentioned.
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