Shares of the fintech major ended today's trading session at INR 402.65, a 5.82% increase from previous close of INR 380.50
The increase in the company’s share prices comes amid multiple reports highlighting restructuring at the company
Despite the recent uptick, Paytm's share price is about 60% lower than its 52-week high of INR 998.3
It seems that a revival is on the cards for fintech major Paytm’s shares as the stock ended today’s (June 12) trading session at INR 402.65. This marks a 5.82% increase from previous close of INR 380.50. The company’s market cap also went up to $3.06 Bn.
The increase is in line with positive market sentiment for the stock over the past week.
Paytm’s resurgence on the BSE began at the end of May, when it touched upper circuit for thrice in a week. That increase in the share price came following reports about Adani Group’s acquiring a stake in Paytm, which the company later denied.
The growth streak has held up through the first week of June, when the stock grew 5.54% on a week-on-week basis.
The uptick comes at a time when Paytm
is said to be undergoing restructuring. Earlier this week, it was reported that the company is looking to terminate a number of employees as part of a restructuring plan.
A company spokesperson told PTI that it is providing outplacement support to employees that have “resigned”. However, Paytm denied the reports, saying that no new layoffs have been undertaken.
In a post on X, the company said reports are “misleading”, adding that the company is continuing on its bid to optimise cost structure and enhance AI capabilities.
Besides these reports, a report by Moneycontrol earlier this week said that Paytm’s CEO and founder Vijay Shekhar Sharma is reaching out to key former employees, Renu Satti, Kiran Vasireddy, and Nehul Malhotra among others, in a bid to bolster the company’s recovery plans.
“Talks with Vasireddy and Malhotra, who could be leading the user growth initiative at Paytm, were initiated sometime back. Vijay has been in touch with his close aides and wants to rebuild the whole team as he takes direct charge of each business,” sources were quoted as saying by the publication.
Again, Paytm completely denied this development. Instead, the company claimed its focus has been on strengthening the roles of next lines of leaders internally and ensuring strong succession planning.
With these developments, the company’s shares surged past INR 400 for the first time during intraday trading on June 10. Despite the recent uptick, Paytm’s share price is about 60% lower than its 52-week high of INR 998.3.
