Paytm shares fall over 2.90% after CFO Deora says firm don't need funding in near future

Paytm Share Price: Shares of One 97 Communications Limited, parent company of Fintech giant Paytm, slumped 2.94 per cent, or Rs 25.45, at Rs 839.10 each, at market close on Wednesday (September 13) after its CFO Madhur Deora said in the company's AGM that Paytm wouldn't need funding in the near future as it had Rs 8,300 crore of cash balance. 

"We don’t see the need for funding in the near future. We have zero debt, and we are very healthy from a balance sheet standpoint," Deora told shareholders at the annual general meeting (AGM) on Tuesday.

During the AGM, Paytm CEO Vijay Shekhar Sharma also said that Artificial General Intelligence software would create opportunities to lower costs, spread farther, and make the firm's financial system secure and safer.

Last fiscal turned out to be a landmark year for the fintech giant, as it achieved operating profitability nine months ahead of its target.

The company's revenue from operations soared by 61 per cent year-on-year to Rs 7,990 crore in FY2022-23 against Rs 4,974 crore in FY22.

Paytm share performance

The company's stock has performed well year-to-date (YTD) but it has struggled in the last one month.

With 2.94 per cent fall on Wednesday, Paytm's shares have lost 5.21 per cent of their value in the last five trading sessions, while they have slid 2.86 per cent in the last one month.

The shares were in rude health prior to that as they have soared 44.80 per cent in the last six months, while have skyrocketed 57.70 per cent YTD.

The benchmark Nifty 50, meanwhile, has jumped 2.57 per cent in the last five days, gained 3.27 per cent in the last one month, is up 17.76 per cent in the last six months, and is higher by 10.29 per cent YTD.