Shares of One97 Communications Ltd., the parent of Paytm, were volatile in early trade on Wednesday after its board approved a proposal to buy back equity shares worth Rs 850 crore.
Shares of the company, despite rising as much as 1.7% in early trade, erased all early gains to drop as much as 2.77%. The company’s plan to buyback shares came under scrutiny from analysts, who termed it as an “attempt to manage the stock price.”
Of the 12 analysts tracking Paytm, eight maintain ‘buy’, three suggest ‘hold’ and one recommends ‘sell’, according to Bloomberg data. The 12-month consensus price target implies an upside of 66.2%.
HDFC Bank Buys Minority Stake In Fintech Startup Mintoak Innovations
HDFC Bank will buy a 7.75% stake in Mintoak for Rs 31.14 crore.
Mintoak is a fintech startup that operates a payments-led platform in India, Kuwait and Mauritius.
Deal expected to be completed by January 31, 2023.