Paytm shares hit lower circuit again; Anil Singhvi suggests exiting the stock
Paytm share price: Paytm stock has hit the lower circuit for the third session in a row. The stock has been in decline since the Reserve Bank of Indias (RBI) order to its payments bank subsidiary to stop accepting fresh deposits in its accounts or popular wallets from March onwards.
Paytm share price: Shares of One 97 Communications, the parent company of Paytm, slipped in morning deals on Monday (February 5) for the fourth straight session and hit the 10 per cent lower circuit on BSE at Rs 438.35 apiece.
The stock has hit the lower circuit for the third session in a row. The stock has been in a free fall since the Reserve Bank of India's (RBI) order to its payments bank subsidiary to stop accepting fresh deposits in its accounts or popular wallets from March onwards.
At around 9:51 a.m., shares of Paytm traded 10 per cent or Rs 48.7, lower at Rs 438.35 apiece. The market capitalisation of the company at around the same time stood at Rs 27,838.75 crore.
Zee Business Managing Editor Anil Singhvi recommended selling shares of Paytm even at a loss. He advised not to keep "such a risky stock in the portfolio" and instead suggested buying other quality names.
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