Paytm shares rise — here's what's driving the stock
Paytm share price: The stock of One97 Communications, which owns and operates digital payments company Paytm, registered mild gains on Monday.
Paytm share price: The stock of One97 Communications, which owns and operates digital payments firm Paytm, rose on Monday after the company said it had received an additional 15 days to from the RBI for resubmitting an application for payment aggregator services. Paytm shares gained by 3.2 or 0.5 per cent to settle at Rs 622.5 apiece on BSE.
Paytm subsidiary Paytm Payments Services Ltd (PPSL) can continue with the online payment aggregation business as it awaits government approval for past investment from One97 Communications as per FDI guidelines, the digital payments company said citing an RBI letter.
Paytm requires a permit to operate its payment gateway business through which it facilitates payments to various merchants.
The company said that during the pending process, PPSL can continue with its online payment aggregation business for existing partners without onboarding any new merchants.
"This continues to have no material impact on our business and revenues since the communication from RBI is applicable only to onboarding of new online merchants and we can continue to provide payment services to our existing online merchants," the filing added.
Paytm share price history
The Paytm stock has gained 17 per cent on a year-to-date basis, a period in which Nifty50 headline index has declined 6.5 per cent.
(With PTI inputs)
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