One97 Communications Ltd., a parent company of Payments aggregator Paytm, saw a 9% increase in share to ₹475.85 on Monday, adding to Friday’s 6% rise. The stock increased by 14% during the past two trading sessions. With today’s increase, Paytm shares have reached their highest level in five months.
Paytm shares fell dramatically early this year following the Reserve Bank of India’s crackdown on its payments bank. The stock fell from ₹760 to an all-time low of ₹310 before recovering recently.
Even with this recent rally, Paytm shares are down 78% from its IPO price. The stock is up 17% so far in July, following an 11% increase in June. This happened after four consecutive months of losses.
As of 2:17 pm, Paytm shares were trading 8.01% higher at ₹470.30.
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