Following the announcement that the fintech giant will sell its tickets and entertainment business to food delivery app Zomato for ₹2,048 crore, Paytm’s share price surged by more than 5%. Zomato shares increased by 2.71% to trade at ₹267.00 on the BSE, while Paytm shares jumped by up to 5.47% to ₹604.45.
The parent company of fintech giant Paytm, One 97 Communications, has finalized arrangements to sell Zomato its entertainment ticketing business, which includes movie, sports and event tickets, for ₹2,048 crore.
For the next 12 months, Paytm’s movie and event tickets will remain available on its app during a transition period. Users will then be redirected to Zomato’s future app, which is specifically designed for the “going-out” segment.
As of 10:45 am, Paytm shares were trading 1.65% higher at Rs 583.50 on the NSE.
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