Shares of One97 Communications, parent company of payments aggregator Paytm, surged as much as 13% on Tuesday, marking its best single-day gain since February 8, 2023.With this move, the stock has turned positive on a year-to-date basis, now trading with gains of 12% so far in 2024.Paytm’s shares had declined to their all-time low of ₹310 after the Reserve Bank of India had imposed restrictions on its Payments Bank in February, triggering a sharp sell-off in the stock.
Paytm has snapped a three-day losing streak post today’s move.
On the charts, Paytm’s Relative Strength Index is now at 61, which means the stock is nearing “overbought” territory. An RSI reading above 70 means that the stock is “overbought.”In an event recently, Paytm founder Vijay Shekhar Sharma said that the one regret he is that he did not choose the right bankers for the Paytm IPO.Paytm’s shares had listed on the bourses in 2021 at an IPO price of ₹2,150 per share. Despite this recent recovery, the stock…
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