Paytm Share Price Shows Upside Rally By 5% Here’s What You Need to Know

Paytm has been facing many challenges after the Reserve Bank of India put restrictions on its banking business. The beginning of 2024 was not good for the company as it remained in the headlines for several months after the controversy. The RBI’s decision led to the bank ending its Paytm Payment Banks business. It also impacted its FasTag business. However, Paytm is getting little hope in the share market after a continuous downfall in its market price.

Paytm Rallies By 5% Today

Paytm is a prominent company that created its place in the highly competitive banking sector, FasTag sector, and also the UPI system. The company lost all its hope in March after the operations shut down leading to the loss of so many jobs. Paytm is now focusing on increasing its presence in the UPI system and increasing its activities to gather good business for the company.

Paytm shares spiked recently up to 5%. The shares started falling for a long time. However, no one was able to do anything about it. Those who invested their money in the share are having a huge loss. The share price fell by almost 46.19% in one year. While the five-year downfall is by 75.82%. One97 Communications runs the company, which is also a parent company of Paytm.

One97 Communications Ltd.’s share price increased or saw a rally today. However, speculators are estimating Paytm’s new collaboration as the reason. A news spread that the AdaniGroup is going to take some stake in Paytm. However, the news was fake and not true. Mr Adani cleared the media that they are not planning any such acquisition or stakeholding with the company yet.

On the other hand, Paytm also cleared on social media that the CEOs of both companies have not planned any such things yet. Paytm further says that if they make any such deal, they will inform the public and SEBI first. They will not go against SEBI guidelines. The announcement by both companies might bring the market back to normal. Both companies have mentioned this speculation to be fake and stupid.

Paytm’s share might have another reason for the surge in the share price. However, there are no clear details at the moment. According to recent details, Paytm’s share price increased by almost 5% today. Apart from that, it has been moving positively for the past five days as well. The fake news spread at a high speed in the market after big news channels covered it.