31 May , 2024 By : Debdeep Gupta
Paytm parent One97 Communications hit a 5 percent upper circuit in opening trade on May 31 after a block deal involving 75.20 lakh shares, representing a 1.2 percent stake in the company, took place on the exchanges.
The block deal, executed at an average of Rs 391 apiece, was worth a total of Rs 296.30 crore. The average floor price of the transaction was also at a premium of 3.6 percent to the stock's previous closing price of Rs 377.40 per share.
At 09.39 am, shares of Paytm were trading at Rs 391.60 on the NSE, slightly off its day's high of Rs 396.25. Today's session also marks the third straight day when Paytm shares hit their 5 percent upper circuit.
Volumes in the counter also skyrocketed after the block deal as one crore shares changed hands on the exchanges, a sharp surge as compared to the one-month average of 36 lakh shares.
The stock has been on a roll since reports suggesting that billionaire Gautam Adani might be considering acquiring a stake in Paytm's parent company, One97 Communications surfaced earlier this week.
However, Paytm issued a clarification, dismissing the report as mere speculation. In an official statement, Paytm stated, "We hereby clarify that the abovementioned news item is speculative, and the company is not engaged in any discussions in this regard. We have always made and will continue to make disclosures in compliance with our obligations under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015."
Likewise, the Adani Group also refuted the media report, as they categorically denied the reports as baseless speculations.
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