Paytm shares jump nearly 10% in 2 days after hitting all-time low

The stock fell 20% for two consecutive days after January 31, when the imposed restrictions on Paytm Payments Bank including accepting fresh deposits and doing credit transactions. On March 11, the barred Paytm Payments Bank from onboarding new customers.

On Wednesday, , one of the key lending partners for the company also invoked loan guarantees which the fintech firm had provided to the lender in lieu of repayment defaults from customers.

The and firm recently also announced the resignation of its and president, Bhavesh Gupta, via a regulatory filing over the weekend. On May 4, the company informed exchanges about the resignation of its President & Chief Operating Officer (COO) to move to an advisory position, as a part of overall organizational restructuring.

The stock has been swinging in a range since February 8 where it has taken support near Rs 308 twice while on the upside, it has failed to breach the Rs 450 level.

The stock is slightly above the 30 mark on RSI and is currently below all its crucial exponential moving averages.

As per the latest shareholding pattern, FIIs and FPIs have offloaded nearly 3% share in the company from December to March.

Also read:

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)