Paytm shares soar over 8% after laying off employees as part of group restructuring

The shares of the Fintech firm have declined as much as 51% in the last one year. But managed to rise 13% this month. In the current calendar year, the stock has tumbled approximately 39%.

On Monday, the company claimed that it is providing outplacement support for their smooth transition, according to a company statement. It has, however, not yet disclosed the number of employees impacted by the restructuring.

“One97 Communications Limited (OCL) is providing outplacement support to employees which have resigned as a part of the restructuring efforts by the company,” said Paytm.

On Friday evening, the company had also announced that it has approved the allotment of equity shares and exercises the stock options under Employee Stock Option Plan 2019.

“Board of the Company ("Committee"), on June 7, 2024, at 6:42 p.m. (IST) through circulation, approved the allotment of 2,00,162 equity shares having face value of ₹ 1 each, as fully paid-up, to the eligible employees, upon exercise of vested options under Employee Stock Option Plan 2019,” said Paytm in its filing to the exchanges.

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Paytm might be among 78 stocks that may enter the F&O list as the markets regulator has proposed to review the selection criteria for entry and exit of stocks in the derivatives market.

On Friday, surged and were locked in the upper circuit due to heavy volumes after the circuit filter at the bourses was revised higher at 10% from an earlier 5%.

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