Paytm shares tank on buzz of block deal
Shares of One 97 Communications Ltd (Paytm) tanked more than 7% to ₹653 apiece on the BSE in Friday’s opening deals on buzz of large block deals. The stock rallied for four straight days till Thursday on the back of reporting a healthy set of Q3 results and major global brokerages turning bullish and raising target price.
As per a CNBC-TV18 report, 2.1 crore shares (3.4% equity) of Paytm have changed hands through block deal on Friday. Mint could not independently confirm the developments.
Paytm posted its first-ever quarterly operating profit as a listed firm and the company’s losses also narrowed during the third quarter of the current fiscal (Q3FY23). The fintech company’s net loss in the quarter through December narrowed to ₹392 crore as compared to ₹779 crore a year earlier whereas the leading digital payments brand’s revenue from operations rose 42% to ₹2,062 crore.
Earlier this week, the company shared its business update for the month of January 2023 during which its merchant payment volumes (GMV) stood at ₹1.2 lakh crore, growth of 44% year-on-year (YoY). It disbursed ₹3,928 crore worth of loans for the month of January 2023.
“I am very happy to share that our company has achieved this milestone of EBITDA before ESOP cost profitability in the December 2022 quarter itself. This is three quarters ahead of our guidance.. With our focus on growth and keeping a tight vigil on operational risk and compliances, I am very confident that we will soon achieve our next milestone of becoming a free cash flow generating company,” said founder and Chief Executive Officer (CEO) Vijay Shekhar Sharma in a statement.
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