Paytm became a multibagger stock, gave more than 100 percent return, doubled in 3 months

Paytm Share Price: The stock of fintech company Paytm has been rising tremendously for two days. On Friday, the last trading day of the week, it also saw a tremendous jump of 13.86 percent and touched the figure of Rs 631.30. Paytm stock, which touched the lowest level of 52 weeks of Rs 310 on May 9 this year, has now become a multibagger stock by rising more than 100 percent in just 3 months. On Friday evening, it closed at Rs 621.90 on NSE, up by Rs 67.

Gave more than 103 percent return since May

During trading on Friday, the stock of Paytm’s parent company One 97 Communications witnessed huge volatility. It saw a lot of volatility from a low of Rs 543 to a high of Rs 631. It has given a return of more than 103 percent since May. The digital payment company recently sold its event and movie ticket business to Zomato. The deal was done for Rs 2,048 crore. Due to this deal, investors’ attitude towards Paytm now remains positive.

Event and movie ticket business sold to Zomato

After the Reserve Bank of India (RBI) banned Paytm Payments Bank, the company has faced a huge crisis for a long time. Now after the deal with Zomato, Paytm CEO Vijay Shekhar Sharma had said that now the company will focus on its core business financial services. Along with this, he has also got approval from the Finance Ministry to reduce his stake in Paytm Payments Services. Due to this, he will be able to apply for the payment aggregator license again.

The worst may be over for Paytm

Experts told Business Standard that the worst is probably over for Paytm. However, some concerns still remain. The ongoing investigation regarding the IPO is one of them. In such a situation, you can invest in this stock with caution for the long term. However, Rs 530 is now considered to be the lowest level for Paytm stock. It is expected to go up to Rs 685.

Disclaimer: The information provided here is for information purposes only. It is important to note here that investing in the market is subject to market risks. Always seek expert advice before investing as an investor. ABPLive.com never advises anyone to invest money here.

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