Paytm jumps 5% to hit upper circuit

New Delhi: Shares of One97 Communications Ltd, owner of Paytm brand, jumped 5 per cent to hit their upper circuit limit on Friday after the National Payments Corporation of India (NPCI) allowed the digital payments company to continue UPI transactions through four banks -- SBI, Axis Bank, HDFC Bank and YES Bank. The stock climbed 5 per cent to Rs370.90 -- its upper circuit limit -- on the BSE.

On the NSE, shares of the fintech firm jumped 5 per cent to reach the highest trading permissible limit for the day at Rs370.70. The company’s market valuation stood at Rs23,567.50 crore. Ensuring continuity in payment operations by Paytm users, the NPCI on Thursday allowed the company to continue UPI transactions through four banks -- SBI, Axis Bank, HDFC Bank and YES Bank. The decision came a day before Reserve Bank’s March 15 deadline barring Paytm Payments Bank Ltd (PPBL) from accepting deposits, credit transactions, or top-ups in any customer accounts. One97 Communications Limited (OCL) holds a 49 per cent stake in PPBL. All PPBL customers have been advised by the RBI to shift to other banks by March 15.