Paytm shares rise
There is a tremendous rise in the shares of Paytm again. The company’s shares jumped by almost 10% in intraday to reach Rs 600. The stock which sank investors’ money is now growing rapidly. On Monday, the shares of Paytm reached Rs 598.65. After the new announcement made by the company, there was a sudden competition among the investors to buy its shares, due to which the stock saw a rise of 10 percent. Shares of Paytm closed on Monday with a gain of 8.63 per cent as compared to Friday. On the other hand, on Tuesday, Paytm’s stock opened up at Rs 603.35, although it fell by 2 per cent till the market closed and the stock reached Rs 577.3.
Why did Paytm share rise?
In fact, Fintech firm Paytm’s parent company One97 Communications recently made a big announcement. On May 15, the company said that it has terminated the previously announced deal to acquire Raheja QBE General Insurance Company Limited. The company said that it will seek approval for a new general insurance license through a fresh application. After this news, the company’s shares started rising. On the other hand, Paytm founder Vijay Shekhar Sharma made a big announcement regarding Paytm Mall. Vijay Shekhar said that the business of Paytm Mall will now be built on the Open Network for Digital Commerce. These news strengthened the company’s stock.
Jack Maa sold his stake
Let us tell you that Alibaba, the company of Chinese industrialist Jack Ma, has sold its entire stake in Paytm E-commerce Private Limited. Yes, the Chinese company has sold its 43.32 percent stake in Paytm’s e-commerce company Paytm Mall. Let us tell you that about 5 years ago Alibaba and Ant Financial bought their stake in Paytm Mall, but now Paytm E Commerce has bought stake in both these companies. The company’s announcements have affected its stock. Investors have started moving towards Paytm.