Paytm Share Price Reaches 100% High
ππ Paytm share price has reached a 100% high on the BSE, touching a high level of βΉ358.55 so far. Two reasons are being cited for the surge in Paytm shares. The first reason is the transfer of nodal accounts to Axis Bank. The second reason is the endorsement of the ED report.
π The Enforcement Directorate (ED) has found that Paytm Payments Bank Limited has not violated any rules under the Foreign Exchange Management Act (FEMA). Bernstein’s report suggests that the company’s share price could reach up to βΉ600. Brokerage houses have increased the target price after Axis Bank’s decision.
ππ After the RBI’s decision on February 1, Paytm shares recorded a 20% drop, falling from βΉ761 to βΉ608.80. Since then, there has been volatility in the company’s share price. At one point, Paytm shares reached βΉ318.35 before rising to βΉ395 on Wednesday, February 21, 2024.
πΌπ¦ Fintech firm One97 Communications, which operates the Paytm brand, has transferred its nodal account from Paytm Payments Bank to Axis Bank, which was affected by regulatory action. The nodal account of Paytm works as a master account where all customer and merchant transactions are settled. The company informed the stock markets of this move on Friday evening.
π Central Electronics and Information Technology Minister Rajeev Chandrasekhar has appointed Paytm Payments Bank Limited. RBI’s regulatory action on March 15 has highlighted the importance of financial technology (fintech) companies complying with the law. Chandrasekhar emphasized that regulatory compliance cannot be ‘optional’ for companies, and every entrepreneur should pay full attention to this.
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